EagleRock Land (NYSE:EROK) Trading Down 6.3% Following Weak Earnings

Key Points

• EagleRock Land shares fell 6.3% to $24.21 after the company reported quarterly earnings of $0.29 per share, missing the $0.27 consensus estimate by $0.56. Trading volume was 83% below the average session volume.
• Quarterly revenue reached $46.79 million, a 74% year-over-year increase, despite the earnings shortfall.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus rating and a $26.17 average price target. Insiders also purchased 518,918 shares worth approximately $9.6 million during the last quarter.

EagleRock Land, LLC (NYSE:EROK - Get Free Report)'s share price fell 6.3% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $24.11 and last traded at $24.21. 46,883 shares traded hands during trading, a decline of 83% from the average session volume of 281,979 shares. The stock had previously closed at $25.85.

The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.56). The business had revenue of $46.79 million for the quarter. The firm's revenue for the quarter was up 74.0% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EROK shares. Stephens began coverage on EagleRock Land in a research report on Monday, June 8th. They set an "overweight" rating and a $28.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on EagleRock Land in a research report on Monday, June 8th. They set an "overweight" rating and a $25.00 target price for the company. The Goldman Sachs Group began coverage on shares of EagleRock Land in a research note on Monday, June 8th. They issued a "neutral" rating and a $24.00 price target on the stock. Texas Capital raised shares of EagleRock Land to a "strong-buy" rating in a report on Monday, June 8th. Finally, Zacks Research raised shares of EagleRock Land to a "hold" rating in a research report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold 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 $26.17.

Insider Activity

In other EagleRock Land news, Director Stephanie L. Reed purchased 13,513 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average price of $18.50 per share, for a total transaction of $249,990.50. Following the acquisition, the director owned 13,513 shares in the company, valued at $249,990.50. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael Wayne Wallace purchased 250,000 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were acquired at an average price of $18.50 per share, for a total transaction of $4,625,000.00. Following the completion of the transaction, the director directly owned 250,000 shares of the company's stock, valued at $4,625,000. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 518,918 shares of company stock worth $9,599,983 in the last quarter.

EagleRock Land Stock Down 6.2%

The business's 50 day simple moving average is $21.46.

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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