Resolute Energy (NYSE:REN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday. The firm currently has a $42.00 price objective on the oil and gas exploration company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 14.38% from the stock’s previous close.
According to Zacks, “Resolute Energy Corporation, formerly Hicks Acquisition Company I, Inc. (HACI), is an independent oil and gas company engaged in the acquisition, exploitation and development of oil and gas properties. The company operates producing properties in Utah, which were legacy properties acquired from two major oil companies, in connection with a strategic alliance with Navajo Nation Oil and Gas Company (wholly owned by the Navajo Nation) and in Wyoming and Oklahoma, which were acquired through the acquisition of a privately held oil and gas producer. In addition, Resolute owns exploration properties in Wyoming and Alabama. “
REN has been the topic of a number of other reports. Barclays restated an “overweight” rating and set a $37.00 price objective on shares of Resolute Energy in a report on Monday, November 20th. Northland Securities set a $50.00 price target on shares of Resolute Energy and gave the company a “buy” rating in a research note on Thursday, November 16th. BMO Capital Markets lowered shares of Resolute Energy from an “outperform” rating to a “market perform” rating and set a $35.00 price target on the stock. in a research note on Monday, September 18th. They noted that the move was a valuation call. SunTrust Banks reiterated a “buy” rating on shares of Resolute Energy in a research note on Friday, November 10th. Finally, Goldman Sachs Group upgraded shares of Resolute Energy from a “neutral” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Thursday, October 19th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $44.88.
Resolute Energy (NYSE:REN) last issued its quarterly earnings data on Monday, November 6th. The oil and gas exploration company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.21). The company had revenue of $81.60 million for the quarter, compared to analyst estimates of $86.76 million. During the same quarter last year, the firm posted ($1.24) EPS. The firm’s revenue for the quarter was up 72.2% compared to the same quarter last year. equities analysts predict that Resolute Energy will post 0.6 earnings per share for the current year.
In other news, Director James E. Duffy sold 2,500 shares of Resolute Energy stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $27.99, for a total value of $69,975.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Duffy sold 2,000 shares of Resolute Energy stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $28.04, for a total transaction of $56,080.00. The disclosure for this sale can be found here. Insiders sold a total of 19,999 shares of company stock worth $559,458 over the last quarter. Company insiders own 7.30% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in REN. Castleton Investment Management LLC bought a new position in shares of Resolute Energy in the 4th quarter valued at about $1,494,000. Spark Investment Management LLC grew its position in shares of Resolute Energy by 666.3% in the 1st quarter. Spark Investment Management LLC now owns 500,100 shares of the oil and gas exploration company’s stock valued at $255,000 after acquiring an additional 434,842 shares during the period. First Republic Investment Management Inc. boosted its holdings in shares of Resolute Energy by 26.7% during the 1st quarter. First Republic Investment Management Inc. now owns 571,839 shares of the oil and gas exploration company’s stock worth $292,000 after buying an additional 120,589 shares during the period. JPMorgan Chase & Co. bought a new stake in shares of Resolute Energy during the 2nd quarter worth about $1,681,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Resolute Energy during the 3rd quarter worth about $112,000.
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Resolute Energy Company Profile
Resolute Energy Corporation is an independent oil and gas company. The Company is engaged in the exploitation, development, exploration for and acquisition of oil and gas properties. The Company’s assets are located primarily in the Delaware Basin in west Texas (the Permian Properties or Permian Basin Properties) and Aneth Field located in the Paradox Basin in southeast Utah (the Aneth Field Properties or Aneth Field).
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