Zacks Investment Research upgraded shares of Bonanza Creek Energy (NYSE:BCEI) from a hold rating to a strong-buy rating in a research report report published on Tuesday. The brokerage currently has $32.00 price objective on the oil and gas producer’s stock.
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 equities research analysts also recently issued reports on the company. KeyCorp reissued a hold rating on shares of Bonanza Creek Energy in a research note on Monday, November 13th. BMO Capital Markets set a $25.00 price objective on Bonanza Creek Energy and gave the stock a hold rating in a research note on Tuesday, October 10th. Finally, BidaskClub raised Bonanza Creek Energy from a hold rating to a buy rating in a research note on Friday, November 3rd. Five analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $28.50.
Shares of Bonanza Creek Energy (NYSE BCEI) opened at $28.06 on Tuesday. Bonanza Creek Energy has a fifty-two week low of $23.33 and a fifty-two week high of $40.60. The company has a market capitalization of $575.77 and a price-to-earnings ratio of -0.06.
Bonanza Creek Energy (NYSE:BCEI) last announced its earnings results 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 return on equity of 3.17% and a negative net margin of 33.79%. The business had revenue of $45.23 million during the quarter, compared to the consensus estimate of $45.63 million. sell-side analysts predict that Bonanza Creek Energy will post 0.49 EPS for the current fiscal year.
In related news, major shareholder Whitebox Advisors Llc sold 300,000 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $31.59, for a total value of $9,477,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.57% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. purchased a new stake in shares of Bonanza Creek Energy during the 2nd quarter worth about $13,980,000. Eaton Vance Management purchased a new stake in shares of Bonanza Creek Energy during the 2nd quarter worth about $12,564,000. Mangrove Partners raised its stake in shares of Bonanza Creek Energy by 35.9% during the 3rd quarter. Mangrove Partners now owns 1,702,500 shares of the oil and gas producer’s stock worth $56,165,000 after purchasing an additional 450,000 shares in the last quarter. TIAA CREF Investment Management LLC purchased a new stake in shares of Bonanza Creek Energy during the 2nd quarter worth about $3,308,000. Finally, Q Global Advisors LLC raised its stake in shares of Bonanza Creek Energy by 6.7% during the 3rd quarter. Q Global Advisors LLC now owns 130,533 shares of the oil and gas producer’s stock worth $4,306,000 after purchasing an additional 8,142 shares in the last quarter. 91.25% of the stock is owned by hedge funds and other institutional investors.
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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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