Vaalco Energy (NYSE:EGY) Shares Down 6.4% – Here’s Why

Vaalco Energy Inc (NYSE:EGY)’s stock price dropped 6.4% on Monday. The company traded as low as $5.99 and last traded at $6.0270. 408,054 shares traded hands during trading, a decline of 71% from the average daily volume of 1,392,021 shares. The stock had previously closed at $6.44.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EGY. Wall Street Zen upgraded shares of Vaalco Energy from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings upgraded shares of Vaalco Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 14th. Two equities research analysts have rated the stock with a Hold rating. According to MarketBeat.com, Vaalco Energy has a consensus rating of “Hold” and a consensus target price of $7.30.

Vaalco Energy Stock Down 7.8%

The company has a 50 day moving average price of $6.05 and a two-hundred day moving average price of $5.62. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.44 and a quick ratio of 0.41. The stock has a market cap of $624.30 million, a PE ratio of -5.59 and a beta of 0.21.

Vaalco Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Friday, August 21st were issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, August 21st. Vaalco Energy’s dividend payout ratio (DPR) is presently -23.58%.

Hedge Funds Weigh In On Vaalco Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC boosted its holdings in shares of Vaalco Energy by 58.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 18,892 shares of the energy company’s stock valued at $107,000 after acquiring an additional 6,946 shares during the last quarter. Lakewood Asset Management LLC grew its position in Vaalco Energy by 6.3% in the 3rd quarter. Lakewood Asset Management LLC now owns 58,918 shares of the energy company’s stock worth $333,000 after purchasing an additional 3,495 shares during the period. Cypress Capital LLC bought a new stake in Vaalco Energy in the 3rd quarter worth approximately $74,000. SummerHaven Investment Management LLC bought a new stake in Vaalco Energy in the 3rd quarter worth approximately $698,000. Finally, State Street Corp raised its stake in Vaalco Energy by 44.2% during the 2nd quarter. State Street Corp now owns 5,173,995 shares of the energy company’s stock valued at $26,284,000 after buying an additional 1,585,649 shares during the last quarter. Institutional investors own 50.32% of the company’s stock.

About Vaalco Energy

Vaalco Energy, Inc is an independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids. The company focuses primarily on producing assets and development opportunities in Africa and other international markets.

Vaalco has historically operated offshore Gabon, where it developed and produced oil from the Etame Marin field. The company has also expanded its international portfolio through interests and operations in Egypt, Equatorial Guinea and Côte d’Ivoire.