Torchlight Energy Resources Inc (NASDAQ:TRCH) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 3,417,500 shares, a decrease of 11.7% from the July 31st total of 3,868,900 shares. Approximately 6.8% of the company’s shares are short sold. Based on an average daily volume of 263,400 shares, the days-to-cover ratio is currently 13.0 days.
TRCH stock opened at $1.01 on Friday. The business’s fifty day moving average is $1.33 and its 200-day moving average is $1.39. Torchlight Energy Resources has a twelve month low of $0.53 and a twelve month high of $1.98.
Torchlight Energy Resources (NASDAQ:TRCH) last posted its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.01) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Torchlight Energy Resources had a negative return on equity of 27.61% and a negative net margin of 475.72%. The company had revenue of $0.24 million for the quarter, compared to the consensus estimate of $0.52 million. On average, analysts expect that Torchlight Energy Resources will post -0.05 earnings per share for the current fiscal year.
A number of research analysts have recently weighed in on TRCH shares. Zacks Investment Research raised Torchlight Energy Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, June 5th. ValuEngine downgraded Torchlight Energy Resources from a “hold” rating to a “sell” rating in a research note on Thursday.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Torchlight Energy Resources by 29.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,942,710 shares of the oil and gas company’s stock valued at $2,759,000 after buying an additional 441,633 shares in the last quarter. BlackRock Inc. increased its position in shares of Torchlight Energy Resources by 154.8% in the 2nd quarter. BlackRock Inc. now owns 977,130 shares of the oil and gas company’s stock valued at $1,388,000 after buying an additional 593,701 shares in the last quarter. Morgan Stanley increased its position in shares of Torchlight Energy Resources by 45.6% in the 2nd quarter. Morgan Stanley now owns 164,823 shares of the oil and gas company’s stock valued at $234,000 after buying an additional 51,636 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC increased its position in shares of Torchlight Energy Resources by 13.1% in the 2nd quarter. Prime Capital Investment Advisors LLC now owns 101,760 shares of the oil and gas company’s stock valued at $144,000 after buying an additional 11,760 shares in the last quarter. Institutional investors and hedge funds own 9.26% of the company’s stock.
About Torchlight Energy Resources
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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