EagleRock Land (NYSE:EROK) Price Target Cut to $31.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler lowered EagleRock Land’s price target to $31 from $33 while maintaining an “overweight” rating, implying 75.74% potential upside from the stock’s $17.64 price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $27.67, despite targets ranging from $27 to $31 among recent firms.
• EagleRock Land’s latest quarter missed earnings estimates, reporting a $0.29 per-share loss versus expectations for $0.27 in earnings, although revenue rose 74% year over year to $46.79 million.

EagleRock Land (NYSE:EROK - Get Free Report) had its price target cut by research analysts at Piper Sandler from $33.00 to $31.00 in a report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target would indicate a potential upside of 75.74% from the stock's current price.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group lifted their price objective on EagleRock Land from $24.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, August 21st. JPMorgan Chase & Co. dropped their target price on EagleRock Land from $29.00 to $27.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 13th. Barclays upped their target price on EagleRock Land from $25.00 to $27.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings began coverage on EagleRock Land in a research note on Friday, August 14th. They set a "sell (e)" rating for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, EagleRock Land has an average rating of "Moderate Buy" and a consensus target price of $27.67.

EagleRock Land Stock Up 0.4%

Shares of NYSE:EROK opened at $17.64 on Monday. The firm's fifty day moving average is $23.59. EagleRock Land has a 12-month low of $17.56 and a 12-month high of $27.42. The firm has a market cap of $2.32 billion and a price-to-earnings ratio of 18.77.

EagleRock Land (NYSE:EROK - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.56). The firm had revenue of $46.79 million for the quarter. The firm's revenue for the quarter was up 74.0% compared to the same quarter last year. Sell-side analysts expect that EagleRock Land will post 3.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC acquired a new stake in shares of EagleRock Land in the 2nd quarter valued at $324,000. Citadel Advisors LLC bought a new stake in EagleRock Land in the second quarter worth $11,675,000. HighTower Advisors LLC bought a new stake in EagleRock Land in the second quarter worth $956,000. Caz Investments LP bought a new stake in EagleRock Land in the second quarter worth $1,062,000. Finally, Readystate Asset Management LP acquired a new position in EagleRock Land during the second quarter worth $425,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.