Resolute Energy (REN) Lifted to “Strong-Buy” at Zacks Investment Research

Resolute Energy (NYSE:REN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The firm currently has a $42.00 price target on the oil and gas exploration company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 23.02% from the stock’s current price.

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 research reports about the stock. Imperial Capital restated a “buy” rating and issued a $50.00 price objective on shares of Resolute Energy in a research note on Monday, September 18th. SunTrust Banks restated a “buy” rating on shares of Resolute Energy in a research note on Friday, November 10th. BMO Capital Markets downgraded shares of Resolute Energy from an “outperform” rating to a “market perform” rating and set a $35.00 price objective for the company. in a research note on Monday, September 18th. They noted that the move was a valuation call. ValuEngine upgraded shares of Resolute Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, January 3rd. Finally, Goldman Sachs Group set a $37.00 price objective on shares of Resolute Energy and gave the company a “buy” rating in a research note on Wednesday, December 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Resolute Energy presently has an average rating of “Buy” and an average target price of $44.88.

Shares of Resolute Energy (NYSE REN) traded down $0.88 during mid-day trading on Tuesday, hitting $34.14. 805,500 shares of the company were exchanged, compared to its average volume of 586,545. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of -8.75. The firm has a market capitalization of $788.09, a P/E ratio of -23.38 and a beta of 3.42. Resolute Energy has a 12-month low of $23.64 and a 12-month high of $49.14.

Resolute Energy (NYSE:REN) last issued its earnings results on Monday, November 6th. The oil and gas exploration company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.21). The company had revenue of $81.60 million for the quarter, compared to analysts’ expectations of $86.76 million. The company’s quarterly revenue was up 72.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.24) EPS. equities analysts expect that Resolute Energy will post 0.6 earnings per share for the current fiscal year.

In other news, Director James E. Duffy sold 3,000 shares of the company’s stock in a transaction dated Wednesday, December 27th. The shares were sold at an average price of $30.96, for a total value of $92,880.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James E. Duffy sold 2,500 shares of the stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $27.99, for a total transaction of $69,975.00. The disclosure for this sale can be found here. Insiders sold 19,999 shares of company stock valued at $559,458 over the last ninety days. Corporate insiders own 7.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of REN. Legal & General Group Plc purchased a new position in Resolute Energy during the second quarter worth about $168,000. Parametric Portfolio Associates LLC raised its holdings in Resolute Energy by 6.7% during the second quarter. Parametric Portfolio Associates LLC now owns 7,507 shares of the oil and gas exploration company’s stock worth $223,000 after purchasing an additional 470 shares in the last quarter. Brown Advisory Inc. purchased a new position in Resolute Energy during the third quarter worth about $233,000. UBS Asset Management Americas Inc. raised its holdings in Resolute Energy by 63.0% during the second quarter. UBS Asset Management Americas Inc. now owns 8,800 shares of the oil and gas exploration company’s stock worth $262,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in Resolute Energy during the third quarter worth about $270,000.

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Resolute Energy 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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