We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
Why Is Resolute Energy Stock (REN) Soaring 16.6% Today?
Resolute Energy is up 16.6% on news that the company sold some of its midstream assets in the Permian Basin to an undisclosed buyer for $110M.
The Denver, CO based company is an independent oil and gas company that acquires and develops various oil and gas properties in states such as Utah, Wyoming, Oklahoma, Alabama, and Texas. The sale involves properties in Reeves County, Texas and according to REN will be used to reduce debt and fund other development activity.
Along with the deal, REN also announced that they “exited June with record production of more than 15,400 barrels of oil equivalent (boe) per day. This value beats REN’s previous record of 14,911 boe/day.
Analysts tracking REN currently have a 67% agreement in downward earnings estimate revisions for Q2, with current estimates at -$0.06 per share, a decrease from the -$0.02 estimate of 60 days ago. For this fiscal year, estimates stand at -$0.42 per share, up from the -$0.47 estimate of 60 days ago.
REN has mostly missed EPS estimates in the last two years, with an average of the last four surprises at -398.30%. This transaction is meant to help put REN on track, but whether or not it actually will is left to be seen.
RESOLUTE ENERGY Price and EPS Surprise
RESOLUTE ENERGY Price and EPS Surprise | RESOLUTE ENERGY Quote
Resolute Energy currently sits at a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>