Stock Roundup: SRC Energy Inc. (NYSE: SRCI)

On Friday, Shares of SRC Energy Inc. (NYSE: SRCI) showed the bullish trend with a higher momentum of 2.33% and ended its trading session at $11.40. The company traded total volume of 1.27M shares as contrast to its average volume of 3.21M shares. The company has a market value of $2.79B and about 244.91M shares outstanding. During the 52-week trading session, the minimum price at which share price traded was registered at $6.61 and reached the max level of $13.32.

SRC Energy Inc. (NYSE American:SRCI), a U.S. oil and gas exploration and production company with operations focused on the Wattenberg Field in the Denver-Julesburg Basin, reports its financial and operating results for the three months ended March 31, 2018 and declares an amended and restated credit agreement with a boost to its borrowing base.

First Quarter 2018 Highlights:

  • Revenues were $147.20M for the three months ended March 31, 2018
  • Net income was $65.80M or $0.27 per diluted share for the three months ended March 31, 2018
  • Adjusted EBITDA was $115.70M for the three months ended March 31, 2018
  • Drilling and completion capital expenditures of $111.00M for the three months ended March 31, 2018 were funded from EBITDA

First Quarter 2018 Financial Results:

The Company’s 2018 first quarter net income totaled $65.80M, or $0.27 per diluted share, contrast to a net income of $19.90M, or $0.10 per diluted share, in the year ago quarter.  Adjusted EBITDA in the first quarter of 2018 was $115.70M as contrast to $32.50M in the year ago quarter.

The Company accrued deferred tax expense of $5.80M during the first quarter of 2018 as contrast to no expense in the same period of 2017.  This is mainly a result of expectations for positive three-year cumulative taxable income through 2018. The Company anticipates an effective tax rate of about 8% through the remainder of the year.

Credit Agreement:

On April 2, 2018 the Company reached a new amended and restated credit agreement for its revolving credit facility. Among other provisions, the borrowing base under the credit agreement was increased to $550.0M with aggregate elected commitments of $450.0M.    The Company presently has no amounts drawn on the facility.

The Company offered net profit margin of 40.50% while its gross profit margin was 84.90%. ROE was recorded as 16.70% while beta factor was 1.64. The stock, as of recent close, has shown the weekly upbeat performance of 4.59% which was maintained at 33.65% in this year.

Marion Frost

Marion Frost

I am Marion Frost and I have over 16 years experience in the financial services industry giving me a vast understanding of how news affects the financial markets. I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Westminster University with previous roles counting Investment Banking.