Roan Resources (ROAN) Shares Down 19.1% Following Weak Earnings

Roan Resources Inc (OTCMKTS:ROAN)’s share price dropped 19.1% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $3.95 and last traded at $4.20. Approximately 1,719,796 shares traded hands during trading, an increase of 352% from the average daily volume of 380,574 shares. The stock had previously closed at $5.19.

The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.05). The firm had revenue of $14.90 million for the quarter, compared to the consensus estimate of $114.68 million.

ROAN has been the topic of several research reports. Zacks Investment Research upgraded shares of Roan Resources from a “sell” rating to a “hold” rating in a report on Friday, February 8th. Imperial Capital initiated coverage on shares of Roan Resources in a report on Thursday, April 4th. They set an “outperform” rating and a $10.00 price objective on the stock.

In related news, insider Tony Maranto acquired 20,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were bought at an average price of $6.08 per share, for a total transaction of $121,600.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC bought a new stake in Roan Resources in the fourth quarter valued at about $65,000. Parallel Advisors LLC bought a new stake in Roan Resources in the first quarter valued at about $57,000. Avalon Advisors LLC bought a new stake in Roan Resources in the first quarter valued at about $61,000. Dean Capital Investments Management LLC bought a new stake in Roan Resources in the fourth quarter valued at about $84,000. Finally, Citigroup Inc. bought a new stake in Roan Resources in the fourth quarter valued at about $100,000.

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Roan Resources Company Profile (OTCMKTS:ROAN)

Linn Energy, Inc, through its equity interest in Roan Resources LLC, engages in the acquisition, exploration, and development of unconventional oil and natural gas reserves. It holds interests in various assets that cover approximately 150,000 net acres located in Merge, SCOOP, and STACK plays of the Anadarko Basin in Oklahoma.

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