Torchlight Energy Resources (NASDAQ:TRCH) Stock Price Up 11.9%

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Shares of Torchlight Energy Resources Inc (NASDAQ:TRCH) rose 11.9% during mid-day trading on Friday . The stock traded as high as $1.14 and last traded at $1.13, approximately 261,700 shares were traded during trading. A decline of 19% from the average daily volume of 323,090 shares. The stock had previously closed at $1.01.

TRCH has been the subject of several research analyst reports. ValuEngine lowered shares of Torchlight Energy Resources from a “hold” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research upgraded shares of Torchlight Energy Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, June 5th.

The company’s 50 day moving average price is $1.32 and its 200-day moving average price is $1.39.

Torchlight Energy Resources (NASDAQ:TRCH) last issued its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). Torchlight Energy Resources had a negative net margin of 475.72% and a negative return on equity of 27.61%. The company had revenue of $0.24 million during the quarter, compared to analyst estimates of $0.52 million. On average, analysts forecast that Torchlight Energy Resources Inc will post -0.05 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Prime Capital Investment Advisors LLC boosted its holdings in 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 worth $144,000 after buying an additional 11,760 shares during the period. Morgan Stanley boosted its holdings in 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 worth $234,000 after buying an additional 51,636 shares during the period. BlackRock Inc. boosted its holdings in 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 worth $1,388,000 after buying an additional 593,701 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in 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 worth $2,759,000 after buying an additional 441,633 shares during the period. Institutional investors own 9.26% of the company’s stock.

About Torchlight Energy Resources (NASDAQ:TRCH)

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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