SRC Energy Inc (SRCI) Sees Significant Growth in Short Interest

SRC Energy Inc (NYSEAMERICAN:SRCI) was the recipient of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 26,115,611 shares, a growth of 1.3% from the January 15th total of 25,791,423 shares. Currently, 10.9% of the shares of the company are sold short. Based on an average trading volume of 3,638,722 shares, the days-to-cover ratio is currently 7.2 days.

SRCI has been the topic of several recent analyst reports. Robert W. Baird upgraded shares of SRC Energy from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $10.00 to $12.00 in a report on Monday, October 15th. Roth Capital upgraded shares of 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. JPMorgan Chase & Co. downgraded shares of SRC Energy from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $9.00 to $6.00 in a report on Friday, December 7th. BMO Capital Markets dropped their target price on shares of SRC Energy to $7.00 and set a “market perform” rating on the stock in a report on Thursday. Finally, TheStreet downgraded shares of SRC Energy from a “c-” rating to a “d+” rating in a report on Friday, December 14th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. SRC Energy presently has an average rating of “Buy” and a consensus price target of $10.94.

Shares of NYSEAMERICAN:SRCI traded up $0.02 on Monday, hitting $4.17. 4,980,256 shares of the company were exchanged, compared to its average volume of 3,833,425. SRC Energy has a one year low of $4.01 and a one year high of $13.32.

Several large investors have recently bought and sold shares of the company. AlphaCrest Capital Management LLC bought a new position in shares of SRC Energy during the 4th quarter worth about $55,000. Raymond James & Associates increased its holdings in shares of SRC Energy by 1.9% during the 4th quarter. Raymond James & Associates now owns 349,941 shares of the oil and natural gas company’s stock worth $1,645,000 after purchasing an additional 6,612 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of SRC Energy by 248.9% during the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 64,248 shares of the oil and natural gas company’s stock worth $302,000 after purchasing an additional 45,831 shares during the period. Eagle Asset Management Inc. increased its holdings in shares of SRC Energy by 0.5% during the 4th quarter. Eagle Asset Management Inc. now owns 489,594 shares of the oil and natural gas company’s stock worth $2,301,000 after purchasing an additional 2,589 shares during the period. Finally, Texas Permanent School Fund increased its holdings in shares of SRC Energy by 4.0% during the 4th quarter. Texas Permanent School Fund now owns 158,755 shares of the oil and natural gas company’s stock worth $746,000 after purchasing an additional 6,161 shares during the period.

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SRC Energy Company Profile

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.

Further Reading: How can you know how many shares are floating?

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