Bonanza Creek Energy (NYSE:BCEI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Bonanza Creek Energy, Inc. is engaged in the acquisition, exploration and development of onshore oil and natural gas properties in the United States. The Company’s core operating areas are the DJ Basin in Colorado and the Cotton Valley formation in southern Arkansas. Bonanza Creek Energy, Inc. is based in Denver, Colorado. “
Several other analysts have also recently commented on the stock. KeyCorp restated a “hold” rating on shares of Bonanza Creek Energy in a research note on Monday, November 13th. BidaskClub cut shares of Bonanza Creek Energy from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Finally, BMO Capital Markets set a $25.00 price objective on shares of Bonanza Creek Energy and gave the company a “hold” rating in a research note on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Bonanza Creek Energy currently has a consensus rating of “Hold” and a consensus target price of $28.00.
Bonanza Creek Energy (NYSE:BCEI) last announced its quarterly earnings data on Wednesday, November 8th. The oil and gas producer reported $0.67 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.68. Bonanza Creek Energy had a negative net margin of 33.79% and a negative return on equity of 3.17%. The business had revenue of $45.23 million during the quarter, compared to analysts’ expectations of $45.63 million. sell-side analysts predict that Bonanza Creek Energy will post 0.54 EPS for the current year.
In related news, major shareholder Whitebox Advisors Llc sold 300,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $31.59, for a total value of $9,477,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Mangrove Partners acquired a new stake in shares of Bonanza Creek Energy during the second quarter worth about $39,717,000. Apollo Management Holdings L.P. purchased a new stake in shares of Bonanza Creek Energy during the second quarter worth approximately $35,158,000. Lord Abbett & CO. LLC purchased a new position in shares of Bonanza Creek Energy during the second quarter worth approximately $14,207,000. JPMorgan Chase & Co. purchased a new position in shares of Bonanza Creek Energy during the second quarter worth approximately $13,980,000. Finally, Wells Fargo & Company MN grew its position in shares of Bonanza Creek Energy by 6,203.4% during the second quarter. Wells Fargo & Company MN now owns 413,500 shares of the oil and gas producer’s stock worth $13,112,000 after acquiring an additional 406,940 shares during the last quarter. 91.25% of the stock is currently owned by hedge funds and other institutional investors.
About Bonanza Creek Energy
Bonanza Creek Energy, Inc (Bonanza Creek) is an independent energy company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States. The Company’s oil and liquids-weighted assets are concentrated primarily in the Wattenberg Field in Colorado and the Dorcheat Macedonia Field in southern Arkansas.
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