Barclays Forecasts Strong Price Appreciation for EagleRock Land (NYSE:EROK) Stock

Key Points

• Barclays raised EagleRock Land’s price target to $27 from $25 and maintained an “overweight” rating, implying 4.65% potential upside.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $26.17; the stock opened at $25.80, near its 52-week high of $26.33.
• EagleRock Land missed quarterly earnings expectations, reporting a $0.29 loss per share versus an expected $0.27 profit, although revenue rose 74% year over year to $46.79 million. Insiders purchased nearly $9.6 million of stock over the past three months.

EagleRock Land (NYSE:EROK - Get Free Report) had its target price raised by analysts at Barclays from $25.00 to $27.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's target price suggests a potential upside of 4.65% from the company's current price.

Several other research analysts have also issued reports on the company. Raymond James Financial started coverage on EagleRock Land in a research note on Monday, June 8th. They set an "outperform" rating and a $25.00 price objective for the company. Piper Sandler 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 on the stock. Stephens initiated coverage on shares of EagleRock Land in a report on Monday, June 8th. They issued an "overweight" rating and a $28.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on shares of EagleRock Land in a research report on Monday, June 8th. They set an "overweight" rating and a $25.00 target price for the company. Finally, Texas Capital raised shares of EagleRock Land to a "strong-buy" rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $26.17.

EagleRock Land Stock Performance

EROK stock opened at $25.80 on Wednesday. EagleRock Land has a 1-year low of $19.75 and a 1-year high of $26.33. The firm has a 50 day moving average of $21.46.

EagleRock Land (NYSE:EROK - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.56). The company had revenue of $46.79 million during the quarter. The company's quarterly revenue was up 74.0% on a year-over-year basis. Analysts forecast that EagleRock Land will post 1.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Stephanie L. Reed purchased 13,513 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were acquired at an average cost of $18.50 per share, with a total value of $249,990.50. Following the completion of the purchase, the director directly owned 13,513 shares of the company's stock, valued at $249,990.50. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael Wayne Wallace purchased 250,000 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was bought 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 $4,625,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 518,918 shares of company stock worth $9,599,983 in the last three months.

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.

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