Zacks Investment Research upgraded shares of Torchlight Energy Resources (NASDAQ:TRCH) from a hold rating to a buy rating in a research note released on Thursday morning, Zacks.com reports. The brokerage currently has $0.75 target price on the oil and gas company’s stock.
According to Zacks, “Torchlight Energy Resources, Inc. is engaged in the acquisition, exploration and development of oil and natural gas properties primarily in the United States. The Company holds interests in two oil and gas projects: the Marcelina Creek Field Development and the Coulter Field. Torchlight Energy Resources Inc. is headquartered in Houston Texas. “
Separately, ValuEngine downgraded Torchlight Energy Resources from a hold rating to a sell rating in a research report on Tuesday, January 7th.
A number of large investors have recently added to or reduced their stakes in TRCH. Bank of New York Mellon Corp boosted its position in Torchlight Energy Resources by 6,171.3% during the 4th quarter. Bank of New York Mellon Corp now owns 747,099 shares of the oil and gas company’s stock worth $568,000 after acquiring an additional 735,186 shares during the last quarter. BlackRock Inc. raised its stake in shares of Torchlight Energy Resources by 154.8% during the 2nd quarter. BlackRock Inc. now owns 977,130 shares of the oil and gas company’s stock worth $1,388,000 after purchasing an additional 593,701 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Torchlight Energy Resources by 29.4% during the 2nd quarter. Vanguard Group Inc. now owns 1,942,710 shares of the oil and gas company’s stock worth $2,759,000 after purchasing an additional 441,633 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Torchlight Energy Resources by 45.6% during the 2nd quarter. Morgan Stanley now owns 164,823 shares of the oil and gas company’s stock worth $234,000 after purchasing an additional 51,636 shares in the last quarter. 8.11% of the stock is owned by hedge funds and other institutional investors.
Torchlight Energy Resources Company Profile
Torchlight Energy Resources, Inc, through its subsidiaries, engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States. As of December 31, 2018, it had interests in four oil and gas projects, including the Orogrande project in Hudspeth County, Texas; Hazel project in Sterling, Tom Green, and Irion Counties, Texas; Winkler project in Winkler County, Texas; and Hunton wells in partnership with Husky Ventures in central Oklahoma.
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