EagleRock Land (NYSE:EROK) Shares Down 6.3% on Disappointing Earnings

EagleRock Land, LLC (NYSE:EROK)’s stock price was down 6.3% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $24.11 and last traded at $24.21. 46,883 shares changed hands during trading, a decline of 83% from the average session volume of 281,979 shares. The stock had previously closed at $25.85.

The company reported ($0.29) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.56). The firm had revenue of $46.79 million during the quarter. The business’s quarterly revenue was up 74.0% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on EROK shares. Texas Capital upgraded shares of EagleRock Land to a “strong-buy” rating in a research report on Monday, June 8th. Stephens assumed coverage on shares of EagleRock Land in a report on Monday, June 8th. They issued an “overweight” rating and a $28.00 target price for the company. Piper Sandler assumed coverage on EagleRock Land in a research note on Monday, June 8th. They set an “overweight” rating and a $28.00 target price on the stock. Pickering Energy Partners assumed coverage on shares of EagleRock Land in a research note on Monday, June 8th. They issued an “outperform” rating on the stock. Finally, Barclays boosted their price target on shares of EagleRock Land from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.17.

Insider Transactions at EagleRock Land

In other news, Director Raj Kumar acquired 5,405 shares of EagleRock Land stock in a transaction dated Friday, May 15th. The stock was acquired at an average cost of $18.50 per share, for a total transaction of $99,992.50. Following the completion of the purchase, the director owned 5,405 shares of the company’s stock, valued at $99,992.50. This represents a ? increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael Wayne Wallace acquired 250,000 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were purchased at an average cost of $18.50 per share, with a total value of $4,625,000.00. Following the acquisition, the director owned 250,000 shares of the company’s stock, valued at approximately $4,625,000. This represents a ? increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 518,918 shares of company stock valued at $9,599,983 in the last three months.

EagleRock Land Stock Performance

The business’s fifty day moving average price is $21.46.

EagleRock Land Company Profile

EagleRock Land, LLC is a land management royalty company which controls surface acreage in the core of the Permian Basin providing access to land, resources and infrastructure for critical industries. EagleRock Land, LLC is based in HOUSTON.