EagleRock Land (NYSE:EROK) Reaches New 52-Week Low on Analyst Downgrade

Key Points

• EagleRock Land shares fell to a new 52-week low, reaching $19.68 after JPMorgan cut its price target from $29 to $27, despite maintaining an overweight rating.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $28, although ratings range from Strong Buy to Sell.
• The company reported a quarterly loss of $0.29 per share, missing estimates by $0.56, while revenue rose 74% year over year to $46.79 million.

Shares of EagleRock Land, LLC (NYSE:EROK - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $29.00 to $27.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. EagleRock Land traded as low as $19.68 and last traded at $19.75, with a volume of 8,434 shares. The stock had previously closed at $21.67.

Other equities analysts also recently issued research reports about the company. Piper Sandler raised their target price on EagleRock Land from $28.00 to $33.00 and gave the company an "overweight" rating in a research report on Tuesday, September 1st. Barclays lifted their price target on EagleRock Land from $25.00 to $27.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Weiss Ratings assumed coverage on EagleRock Land in a research report on Friday, August 14th. They set a "sell (e)" rating for the company. Finally, The Goldman Sachs Group increased their price objective on EagleRock Land from $24.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, EagleRock Land presently has an average rating of "Moderate Buy" and a consensus price target of $28.00.

Institutional Investors Weigh In On EagleRock Land

Large investors have recently made changes to their positions in the stock. Squarepoint Ops LLC purchased a new position in EagleRock Land during the second quarter worth approximately $324,000. Citadel Advisors LLC purchased a new stake in EagleRock Land in the 2nd quarter valued at $11,675,000. HighTower Advisors LLC purchased a new stake in EagleRock Land in the 2nd quarter valued at $956,000. Caz Investments LP acquired a new stake in shares of EagleRock Land in the 2nd quarter worth $1,062,000. Finally, Readystate Asset Management LP acquired a new stake in shares of EagleRock Land in the 2nd quarter worth $425,000.

EagleRock Land Price Performance

The firm has a 50 day simple moving average of $23.85. The company has a market capitalization of $2.55 billion and a price-to-earnings ratio of 20.66.

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 for the quarter, missing the consensus estimate 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% compared to the same quarter last year. Analysts predict that EagleRock Land, LLC will post 3.18 EPS 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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