SRC Energy (SRCI) Shares Gap Up on Insider Buying Activity

SRC Energy Inc (NYSEAMERICAN:SRCI) shares gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $8.21, but opened at $8.37. SRC Energy shares last traded at $7.64, with a volume of 312279 shares.

Specifically, EVP Nicholas Spence acquired 10,000 shares of the stock in a transaction dated Tuesday, November 6th. The shares were bought at an average cost of $7.57 per share, for a total transaction of $75,700.00. Following the purchase, the executive vice president now owns 145,492 shares in the company, valued at approximately $1,101,374.44. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lynn A. Peterson acquired 20,000 shares of the stock in a transaction dated Tuesday, August 14th. The stock was bought at an average price of $9.26 per share, for a total transaction of $185,200.00. Following the completion of the purchase, the chief executive officer now owns 626,591 shares in the company, valued at approximately $5,802,232.66. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 40,000 shares of company stock worth $353,500.

Several research firms have recently weighed in on SRCI. Zacks Investment Research upgraded SRC Energy from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Friday, July 13th. Roth Capital raised SRC Energy from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Thursday, October 18th. Robert W. Baird downgraded SRC Energy from an “outperform” rating to a “hold” rating and set a $10.00 target price on the stock. in a report on Tuesday, August 14th. KLR Group reissued a “buy” rating and issued a $15.00 target price on shares of SRC Energy in a report on Monday, August 20th. Finally, Jefferies Financial Group set a $15.00 target price on SRC Energy and gave the stock a “buy” rating in a report on Friday, August 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. SRC Energy presently has a consensus rating of “Hold” and an average price target of $12.63.

SRC Energy (NYSEAMERICAN:SRCI) last announced its earnings results on Wednesday, October 31st. The oil and natural gas company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.25 by $0.01. The business had revenue of $160.98 million during the quarter, compared to analyst estimates of $155.20 million.

A number of large investors have recently bought and sold shares of SRCI. Envestnet Asset Management Inc. acquired a new position in SRC Energy during the 2nd quarter worth $126,000. Delphi Management Inc. MA acquired a new position in SRC Energy during the 2nd quarter worth $128,000. Cim Investment Mangement Inc. acquired a new position in SRC Energy during the 2nd quarter worth $138,000. Allen Capital Group LLC acquired a new position in SRC Energy during the 3rd quarter worth $144,000. Finally, Private Advisor Group LLC acquired a new position in SRC Energy during the 3rd quarter worth $172,000.

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SRC Energy Company Profile (NYSEAMERICAN:SRCI)

SRC Energy Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in the Denver-Julesburg Basin of Colorado. As of December 31, 2017, it had net proved oil and natural gas reserves of 69.4 million barrels of oil and condensate, 559.9 billion cubic feet of natural gas, and 64.0 million barrels of natural gas liquids; and operated 551 net producing wells, as well as had 98,600 gross and 88,300 net acres under lease in the Wattenberg Field.

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