EagleRock Land, LLC’s Lock-Up Period To Expire Tomorrow (NYSE:EROK)

EagleRock Land’s (NYSE:EROK) lock-up period is set to expire 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 EagleRock Land’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

Wall Street Analysts Forecast Growth

EROK has been the subject of a number of research analyst reports. Barclays raised 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. JPMorgan Chase & Co. reduced their price objective on shares of EagleRock Land from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 13th. The Goldman Sachs Group upped their price objective on shares of EagleRock Land from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 21st. Piper Sandler dropped their target price on shares of EagleRock Land from $31.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Weiss Ratings raised shares of EagleRock Land from a “sell (e-)” rating to a “sell (e)” rating in a research note on Tuesday, November 3rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.33.

EagleRock Land Price Performance

Shares of NYSE:EROK opened at $19.78 on Monday. EagleRock Land has a 52-week low of $16.99 and a 52-week high of $27.42. The company has a market cap of $2.60 billion and a price-to-earnings ratio of 21.04. The stock has a 50 day moving average price of $21.72.

EagleRock Land (NYSE:EROK) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.03). The company had revenue of $43.35 million during the quarter. On average, analysts forecast that EagleRock Land will post 1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EagleRock Land

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Islay Capital Management LLC grew its position in shares of EagleRock Land by 62.7% in the 3rd quarter. Islay Capital Management LLC now owns 12,200 shares of the company’s stock worth $254,000 after buying an additional 4,700 shares during the period. Moors & Cabot Inc. bought a new position in shares of EagleRock Land in the 3rd quarter worth about $262,000. Squarepoint Ops LLC purchased a new position in EagleRock Land during the 2nd quarter valued at about $324,000. Readystate Asset Management LP purchased a new position in EagleRock Land during the 2nd quarter valued at about $425,000. Finally, HighTower Advisors LLC purchased a new position in EagleRock Land during the 2nd quarter valued at about $956,000.

About EagleRock Land

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.