Resolute Energy Corporation (NYSE:REN) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Resolute Energy Corporation (NYSE:REN) from a hold rating to a strong sell rating in a research note published on Wednesday morning.

According to Zacks, “Resolute Energy Corporation, formerly Hicks Acquisition Company I, Inc. (HACI), is an independent oil and gas company engaged in the acquisition, exploitation and development of oil and gas properties. The company operates producing properties in Utah, which were legacy properties acquired from two major oil companies, in connection with a strategic alliance with Navajo Nation Oil and Gas Company (wholly owned by the Navajo Nation) and in Wyoming and Oklahoma, which were acquired through the acquisition of a privately held oil and gas producer. In addition, Resolute owns exploration properties in Wyoming and Alabama. “

Other equities analysts also recently issued reports about the company. KLR Group reiterated a buy rating and issued a $54.00 price target on shares of Resolute Energy Corporation in a research note on Wednesday, March 15th. BMO Capital Markets reiterated a buy rating and issued a $50.00 price target on shares of Resolute Energy Corporation in a research note on Tuesday, March 14th. SunTrust Banks, Inc. started coverage on Resolute Energy Corporation in a research note on Thursday, June 1st. They issued a buy rating and a $55.00 price target for the company. Finally, Barclays PLC lifted their price target on Resolute Energy Corporation to $52.00 and gave the stock an equal weight rating in a research note on Wednesday, March 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. Resolute Energy Corporation has an average rating of Buy and an average price target of $41.65.

Resolute Energy Corporation (REN) traded down 3.85% on Wednesday, hitting $31.44. The stock had a trading volume of 695,097 shares. The company’s 50-day moving average is $36.74 and its 200-day moving average is $40.58. Resolute Energy Corporation has a one year low of $5.72 and a one year high of $49.14. The stock’s market cap is $692.87 million.

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In other news, SVP Bob D. Brady, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $42.56, for a total transaction of $425,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard F. Betz sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $40.96, for a total value of $512,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,750 shares of company stock valued at $1,532,578. Insiders own 7.70% of the company’s stock.

Several institutional investors have recently modified their holdings of REN. Wells Fargo & Company MN increased its position in shares of Resolute Energy Corporation by 2.6% in the first quarter. Wells Fargo & Company MN now owns 3,079 shares of the oil and gas exploration company’s stock valued at $124,000 after buying an additional 79 shares in the last quarter. Bank of America Corp DE increased its position in shares of Resolute Energy Corporation by 799.4% in the first quarter. Bank of America Corp DE now owns 4,803 shares of the oil and gas exploration company’s stock valued at $194,000 after buying an additional 4,269 shares in the last quarter. Tudor Investment Corp Et Al acquired a new position in shares of Resolute Energy Corporation during the fourth quarter valued at about $206,000. UBS Asset Management Americas Inc. acquired a new position in shares of Resolute Energy Corporation during the first quarter valued at about $218,000. Finally, Tudor Investment Corp ET AL increased its position in shares of Resolute Energy Corporation by 30.8% in the first quarter. Tudor Investment Corp ET AL now owns 6,539 shares of the oil and gas exploration company’s stock valued at $264,000 after buying an additional 1,539 shares in the last quarter. Institutional investors and hedge funds own 86.22% of the company’s stock.

Resolute Energy Corporation Company Profile

Resolute Energy Corporation is an independent oil and gas company. The Company is engaged in the exploitation, development, exploration for and acquisition of oil and gas properties. The Company’s assets are located primarily in the Delaware Basin in west Texas (the Permian Properties or Permian Basin Properties) and Aneth Field located in the Paradox Basin in southeast Utah (the Aneth Field Properties or Aneth Field).

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