ERock (NYSE:EROC) Stock Price Target Cut by Barclays

ERock (NYSE:EROC) had its price objective dropped by research analysts at Barclays from $23.00 to $22.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 160.66% from the stock’s current price.

Several other research firms have also recently issued reports on EROC. JPMorgan Chase & Co. lowered their price objective on ERock from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Morgan Stanley increased their target price on ERock from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. Bank of America raised ERock from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a report on Friday, July 17th. Weiss Ratings assumed coverage on ERock in a research note on Friday, September 4th. They issued a “sell (e-)” rating for the company. Finally, Guggenheim decreased their price target on ERock from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.62.

ERock Trading Up 1.2%

Shares of NYSE EROC traded up $0.10 during midday trading on Friday, hitting $8.44. The stock had a trading volume of 2,456,616 shares, compared to its average volume of 3,105,437. The firm’s 50 day moving average is $10.63. The stock has a market cap of $406.55 million and a P/E ratio of -140.67. ERock has a 52 week low of $6.41 and a 52 week high of $20.70.

ERock (NYSE:EROC) last posted its quarterly earnings results on Thursday, November 12th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05. The firm had revenue of $152.77 million for the quarter. Sell-side analysts expect that ERock will post -0.32 earnings per share for the current fiscal year.

Institutional Trading of ERock

A number of institutional investors have recently made changes to their positions in the stock. Bogart Wealth LLC bought a new stake in shares of ERock in the third quarter worth approximately $25,000. Russell Investments Group Ltd. purchased a new position in shares of ERock during the third quarter valued at approximately $26,000. Global Retirement Partners LLC bought a new position in ERock during the third quarter valued at approximately $28,000. Total Clarity Wealth Management Inc. bought a new position in ERock during the third quarter valued at approximately $319,000. Finally, Engineers Gate Manager LP bought a new position in ERock during the second quarter valued at approximately $515,000.

Latest ERock News

Investors following EROC have been watching these news items:

• Positive Sentiment: ERock reported Q3 revenue of $152.77 million and an adjusted EPS figure of $0.04, above the consensus estimate of a $0.01 loss. Coverage also highlighted record revenue and $300 million in new bookings. Q3 results
• Positive Sentiment: Management forecast Q4 revenue of $211 million–$240 million and said Atlas capacity is expected to reach 900 MW by the first half of 2028, pointing to a substantial growth pipeline. Q4 outlook and Atlas capacity
• Negative Sentiment: Despite the adjusted EPS beat, ERock’s GAAP EPS was a loss of $0.31, missing the cited estimate by $0.29. The ongoing GAAP loss may temper enthusiasm about the growth outlook. GAAP EPS results

About ERock

ERock, formally Eagle Rock Energy Partners, L.P., was a Houston-based master limited partnership focused on natural gas and oil. Its businesses included midstream services such as gathering, processing and treating natural gas, as well as exploration and production activities. The partnership operated assets in several U.S. regions, including the Permian Basin and Gulf Coast. In 2014, it sold its upstream business to Vanguard Natural Resources and its remaining midstream operations to Regency Energy Partners, ending its operations as an independent company.