EagleRock Land, LLC's Lock-Up Period Set To End on November 10th (NYSE:EROK)

Key Points

• EagleRock Land’s lock-up period ends November 10, allowing insiders and major shareholders to sell shares. The company issued 17.3 million IPO shares at $18.50 each, raising approximately $320.1 million.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $27.67, despite several recent target-price reductions.
• The stock opened at $19.02, below its 50-day moving average of $22.20. Although quarterly revenue rose 74% year over year to $46.79 million, EagleRock Land reported a $0.29-per-share loss, missing estimates by $0.56.

EagleRock Land's (NYSE:EROK - Get Free Report) lock-up period will end on Tuesday, November 10th. EagleRock Land had issued 17,300,000 shares in its IPO on May 14th. The total size of the offering was $320,050,000 based on an initial share price of $18.50. After the expiration of the company's lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Wall Street Analysts Forecast Growth

EROK has been the topic of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective 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 company an "overweight" rating in a report on Wednesday, August 12th. Weiss Ratings cut EagleRock Land from a "sell (e)" rating to a "sell (e-)" rating in a report on Monday, October 19th. Piper Sandler cut their target price on EagleRock Land from $33.00 to $31.00 and set an "overweight" rating for the company in a research note on Monday, October 19th. Finally, The Goldman Sachs Group lifted their price target on EagleRock Land from $24.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday, August 21st. 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. According to data from MarketBeat.com, EagleRock Land has a consensus rating of "Moderate Buy" and a consensus target price of $27.67.

EagleRock Land Price Performance

EagleRock Land stock opened at $19.02 on Tuesday. The company has a 50 day moving average price of $22.20. EagleRock Land has a 1-year low of $16.99 and a 1-year high of $27.42.

EagleRock Land (NYSE:EROK - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.29) earnings per share (EPS) 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 company's revenue for the quarter was up 74.0% on a year-over-year basis. As a group, equities analysts forecast that EagleRock Land will post 1.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EagleRock Land

Several large investors have recently modified their holdings of EROK. Schwartz Investment Counsel Inc. grew its holdings in shares of EagleRock Land by 18.8% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 579,996 shares of the company's stock worth $12,064,000 after purchasing an additional 91,881 shares during the period. Citadel Advisors LLC purchased a new stake in EagleRock Land in the 2nd quarter valued at about $11,675,000. Alyeska Investment Group L.P. purchased a new stake in EagleRock Land in the 2nd quarter valued at about $1,169,000. Caz Investments LP acquired a new position in EagleRock Land in the second quarter valued at about $1,062,000. Finally, HighTower Advisors LLC acquired a new position in EagleRock Land in the second quarter valued at about $956,000.

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.

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