Torchlight Energy Resources (NASDAQ:TRCH) Shares Up 11.9%

Torchlight Energy Resources Inc (NASDAQ:TRCH) shares shot up 11.9% during trading on Friday . The company traded as high as $1.14 and last traded at $1.13, 261,700 shares changed hands during trading. A decline of 19% from the average session volume of 323,090 shares. The stock had previously closed at $1.01.

A number of brokerages have commented on TRCH. ValuEngine cut shares of Torchlight Energy Resources from a “hold” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research raised shares of Torchlight Energy Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, June 5th.

The stock’s 50-day simple moving average is $1.32 and its 200 day simple moving average is $1.39.

Torchlight Energy Resources (NASDAQ:TRCH) last issued its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.01) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.01). The business had revenue of $0.24 million for the quarter, compared to analysts’ expectations of $0.52 million. Torchlight Energy Resources had a negative net margin of 475.72% and a negative return on equity of 27.61%. Equities analysts predict that Torchlight Energy Resources Inc will post -0.05 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley boosted its position in shares of Torchlight Energy Resources by 45.6% during the 2nd quarter. Morgan Stanley now owns 164,823 shares of the oil and gas company’s stock worth $234,000 after purchasing an additional 51,636 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Torchlight Energy Resources by 29.4% during the 2nd quarter. Vanguard Group Inc. now owns 1,942,710 shares of the oil and gas company’s stock worth $2,759,000 after purchasing an additional 441,633 shares in the last quarter. BlackRock Inc. boosted its position in shares of Torchlight Energy Resources by 154.8% during the 2nd quarter. BlackRock Inc. now owns 977,130 shares of the oil and gas company’s stock worth $1,388,000 after purchasing an additional 593,701 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC boosted its position in shares of Torchlight Energy Resources by 13.1% during the 2nd quarter. Prime Capital Investment Advisors LLC now owns 101,760 shares of the oil and gas company’s stock worth $144,000 after purchasing an additional 11,760 shares in the last quarter. 9.26% of the stock is currently owned by institutional investors and hedge funds.

Torchlight Energy Resources Company Profile (NASDAQ:TRCH)

Torchlight Energy Resources, Inc, through its subsidiaries, engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States. As of December 31, 2018, it had interests in four oil and gas projects, including the Orogrande project in Hudspeth County, Texas; Hazel project in Sterling, Tom Green, and Irion Counties, Texas; Winkler project in Winkler County, Texas; and Hunton wells in partnership with Husky Ventures in central Oklahoma.

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