Resolute Energy (REN) Upgraded by Zacks Investment Research to “Strong-Buy”

Resolute Energy (NYSE:REN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $39.00 price objective on the oil and gas exploration company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 19.96% from the stock’s current price.

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. “

A number of other analysts also recently commented on REN. B. Riley began coverage on Resolute Energy in a research note on Monday, February 5th. They issued a “neutral” rating and a $39.00 price objective on the stock. ValuEngine downgraded Resolute Energy from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. BMO Capital Markets set a $35.00 price objective on Resolute Energy and gave the stock a “hold” rating in a research note on Tuesday, October 24th. Northland Securities set a $40.00 price objective on Resolute Energy and gave the stock a “buy” rating in a research note on Monday, December 11th. Finally, Barclays reissued a “buy” rating and issued a $36.00 price objective on shares of Resolute Energy in a research note on Sunday, December 24th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Resolute Energy presently has a consensus rating of “Buy” and a consensus target price of $43.89.

Shares of Resolute Energy (NYSE REN) opened at $32.51 on Wednesday. Resolute Energy has a 12 month low of $23.64 and a 12 month high of $49.14. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of -8.75. The company has a market capitalization of $765.36, a price-to-earnings ratio of -22.53 and a beta of 3.42.

In related news, insider Nicholas J. Sutton sold 9,999 shares of Resolute Energy stock in a transaction on Monday, December 18th. The stock was sold at an average price of $27.29, for a total value of $272,872.71. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James E. Duffy sold 1,500 shares of Resolute Energy stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $26.64, for a total value of $39,960.00. 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 90 days. Insiders own 7.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Monarch Alternative Capital LP grew its holdings in shares of Resolute Energy by 33.3% in the 3rd quarter. Monarch Alternative Capital LP now owns 1,816,300 shares of the oil and gas exploration company’s stock worth $53,926,000 after acquiring an additional 453,251 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Resolute Energy by 46.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,495,382 shares of the oil and gas exploration company’s stock worth $44,518,000 after acquiring an additional 472,759 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Resolute Energy by 2.2% in the 4th quarter. BlackRock Inc. now owns 1,399,693 shares of the oil and gas exploration company’s stock worth $44,049,000 after acquiring an additional 30,337 shares during the last quarter. State Street Corp grew its holdings in shares of Resolute Energy by 8.0% in the 2nd quarter. State Street Corp now owns 1,088,191 shares of the oil and gas exploration company’s stock worth $32,396,000 after acquiring an additional 80,369 shares during the last quarter. Finally, Penn Capital Management Co. Inc. grew its holdings in shares of Resolute Energy by 362.9% in the 4th quarter. Penn Capital Management Co. Inc. now owns 504,679 shares of the oil and gas exploration company’s stock worth $15,898,000 after acquiring an additional 395,659 shares during the last quarter.

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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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