The Wildhorse Resource Development Corporation (WRD) Upgraded to “Hold” at Zacks Investment Research

The Wildhorse Resource Development Corporation (WRD) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Wildhorse Resource Development Corporation (NYSE:WRD) from a sell rating to a hold rating in a research report released on Thursday morning.

According to Zacks, “WildHorse Resource Development Corporation is an oil and natural gas company. It focused on the acquisition, exploration, development and production of oil, natural gas and NGL. The company properties primarily consist of Eagle Ford Shale in East Texas and the Over-Pressured Cotton Valley in North Louisiana. WildHorse Resource Development Corporation is based in Houston, Texas. “

Several other research firms have also recently commented on WRD. Imperial Capital started coverage on Wildhorse Resource Development Corporation in a research note on Tuesday, August 1st. They issued an outperform rating and a $22.00 price target on the stock. BMO Capital Markets set a $17.00 price target on Wildhorse Resource Development Corporation and gave the stock a buy rating in a research note on Saturday, August 12th. Scotiabank set a $19.00 price target on Wildhorse Resource Development Corporation and gave the stock a buy rating in a research note on Saturday, July 1st. Iberia Capital initiated coverage on Wildhorse Resource Development Corporation in a research note on Wednesday, September 27th. They issued an outperform rating and a $18.00 price target on the stock. Finally, Barclays PLC restated an overweight rating and set a $19.00 price objective on shares of Wildhorse Resource Development Corporation in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $20.00.

Wildhorse Resource Development Corporation (NYSE:WRD) last released its quarterly earnings results on Wednesday, August 9th. The oil and natural gas company reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.01). The company had revenue of $70.20 million during the quarter, compared to analyst estimates of $68.03 million. The business’s revenue was up 136.4% on a year-over-year basis.

A number of hedge funds and other institutional investors have recently made changes to their positions in WRD. Voya Investment Management LLC acquired a new stake in Wildhorse Resource Development Corporation during the second quarter valued at approximately $124,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Wildhorse Resource Development Corporation during the first quarter valued at approximately $156,000. The Manufacturers Life Insurance Company acquired a new stake in Wildhorse Resource Development Corporation during the second quarter valued at approximately $197,000. New York State Common Retirement Fund acquired a new stake in Wildhorse Resource Development Corporation during the second quarter valued at approximately $212,000. Finally, Wells Fargo & Company MN raised its stake in Wildhorse Resource Development Corporation by 559.2% during the second quarter. Wells Fargo & Company MN now owns 17,488 shares of the oil and natural gas company’s stock valued at $216,000 after buying an additional 14,835 shares in the last quarter. Hedge funds and other institutional investors own 93.95% of the company’s stock.

About Wildhorse Resource Development Corporation

WildHorse Resource Development Corporation is a holding company. The Company is an independent oil and natural gas company. The Company is focused on the acquisition, exploitation, exploration and development of oil, natural gas and natural gas liquid (NGL) resources in the United States. Its assets are characterized by concentrated acreage positions in Southeast Texas and North Louisiana with multiple producing stratigraphic horizons, or stacked pay zones, and single-well rates of return.

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