Torchlight Energy Resources (NASDAQ:TRCH) Shares Pass Above Fifty Day Moving Average of $1.09

Torchlight Energy Resources Inc (NASDAQ:TRCH) shares crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $1.09 and traded as high as $0.86. Torchlight Energy Resources shares last traded at $0.86, with a volume of 2,806 shares traded.

Separately, ValuEngine raised shares of Torchlight Energy Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 10th.

The stock’s fifty day simple moving average is $1.07 and its two-hundred day simple moving average is $1.29.

Torchlight Energy Resources (NASDAQ:TRCH) last posted its earnings results on Friday, August 9th. The oil and gas company reported ($0.01) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Torchlight Energy Resources had a negative net margin of 475.72% and a negative return on equity of 27.61%. The firm had revenue of $0.24 million for the quarter, compared to analyst estimates of $0.52 million. As a group, equities analysts anticipate that Torchlight Energy Resources Inc will post -0.05 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Torchlight Energy Resources by 29.4% in 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 during the period. BlackRock Inc. lifted its position in shares of Torchlight Energy Resources by 154.8% in 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 during the period. Morgan Stanley lifted its position in shares of Torchlight Energy Resources by 45.6% in 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 during the period. Finally, Prime Capital Investment Advisors LLC lifted its position in shares of Torchlight Energy Resources by 13.1% in 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 during the period. 9.28% of the stock is currently owned by hedge funds and other institutional investors.

About Torchlight Energy Resources (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.

Further Reading: What are convertible shares? 

Receive News & Ratings for Torchlight Energy Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Torchlight Energy Resources and related companies with MarketBeat.com's FREE daily email newsletter.