EagleRock Land (NYSE:EROK) Reaches New 12-Month Low After Analyst Downgrade

Key Points

• EagleRock Land shares hit a new 52-week low, falling to $16.99 after Piper Sandler reduced its price target from $33 to $31, while maintaining an overweight rating.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $27.67, despite recent target cuts and one sell rating.
• The company reported a quarterly EPS loss of $0.29, missing estimates by $0.56, although revenue rose 74% year over year to $46.79 million; several institutional investors also initiated positions.

Shares of EagleRock Land, LLC (NYSE:EROK - Get Free Report) hit a new 52-week low during trading on Tuesday after Piper Sandler lowered their price target on the stock from $33.00 to $31.00. Piper Sandler currently has an overweight rating on the stock. EagleRock Land traded as low as $16.99 and last traded at $17.41, with a volume of 209,277 shares trading hands. The stock had previously closed at $17.57.

EROK has been the topic of several other reports. Barclays boosted their price objective on shares of EagleRock Land from $25.00 to $27.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. JPMorgan Chase & Co. cut their target price on shares of EagleRock Land from $29.00 to $27.00 and set an "overweight" rating for the company in a research note on Tuesday, October 13th. The Goldman Sachs Group raised their target price on shares of EagleRock Land from $24.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday, August 21st. Finally, Weiss Ratings assumed coverage on EagleRock Land in a report on Friday, August 14th. They set a "sell (e)" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, EagleRock Land presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.67.

Institutional Investors Weigh In On EagleRock Land

A number of institutional investors have recently made changes to their positions in EROK. Citadel Advisors LLC acquired a new stake in EagleRock Land during the 2nd quarter worth approximately $11,675,000. Alyeska Investment Group L.P. acquired a new position in EagleRock Land in the 2nd quarter valued at $1,169,000. Caz Investments LP acquired a new position in EagleRock Land in the 2nd quarter valued at $1,062,000. HighTower Advisors LLC acquired a new position in EagleRock Land in the 2nd quarter valued at $956,000. Finally, Readystate Asset Management LP bought a new position in EagleRock Land during the 2nd quarter worth $425,000.

EagleRock Land Price Performance

The business has a 50-day simple moving average of $23.45.

EagleRock Land (NYSE:EROK - Get Free Report) last announced its 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. EagleRock Land's quarterly revenue was up 74.0% compared to the same quarter last year. As a group, equities analysts expect that EagleRock Land, LLC will post 3.18 earnings per share for the current year.

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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