SilverBow Resources (NYSE:SBOW) Sees Large Volume Increase on Analyst Upgrade

SilverBow Resources, Inc. (NYSE:SBOW – Get Rating) saw unusually-strong trading volume on Monday after Truist Financial raised their price target on the stock from $39.00 to $50.00. Approximately 21,015 shares changed hands during mid-day trading, a decline of 89% from the previous session’s volume of 190,937 shares.The stock last traded at $38.34 and had previously closed at $38.40.

SBOW has been the subject of several other reports. Zacks Investment Research cut SilverBow Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 20th. TheStreet raised SilverBow Resources from a “d+” rating to a “c+” rating in a research report on Thursday, March 3rd.

In related news, COO Steven W. Adam sold 4,804 shares of the business’s stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $27.00, for a total value of $129,708.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Sean C. Woolverton sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 13th. The shares were sold at an average price of $40.00, for a total value of $400,000.00. Following the sale, the chief executive officer now owns 240,721 shares in the company, valued at approximately $9,628,840. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,804 shares of company stock valued at $2,193,081. 4.20% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA grew its holdings in SilverBow Resources by 1,266.7% in the 4th quarter. BNP Paribas Arbitrage SA now owns 1,353 shares of the company’s stock worth $29,000 after buying an additional 1,254 shares in the last quarter. Morgan Stanley boosted its stake in SilverBow Resources by 105.1% during the 2nd quarter. Morgan Stanley now owns 1,442 shares of the company’s stock valued at $34,000 after purchasing an additional 739 shares in the last quarter. Barclays PLC lifted its position in shares of SilverBow Resources by 409.8% during the 3rd quarter. Barclays PLC now owns 2,131 shares of the company’s stock valued at $52,000 after acquiring an additional 1,713 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of SilverBow Resources during the 4th quarter valued at $91,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of SilverBow Resources during the 1st quarter valued at $204,000. 65.22% of the stock is owned by institutional investors and hedge funds.

The business has a 50-day moving average price of $29.44 and a 200 day moving average price of $26.64. The company has a market cap of $639.99 million, a price-to-earnings ratio of 7.77 and a beta of 2.20. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 1.27.

SilverBow Resources (NYSE:SBOW – Get Rating) last released its earnings results on Wednesday, March 2nd. The company reported $4.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.27 by $1.29. SilverBow Resources had a return on equity of 90.37% and a net margin of 21.31%. During the same period last year, the company earned $0.77 earnings per share. On average, analysts anticipate that SilverBow Resources, Inc. will post 7.6 earnings per share for the current year.

SilverBow Resources Company Profile (NYSE:SBOW)

SilverBow Resources, Inc, an oil and gas company, acquires and develops assets in the Eagle Ford shale and Austin Chalk located in South Texas. As of December 31, 2021, it had proved reserves of 1,416 billion cubic feet of natural gas equivalent. The company was formerly known as Swift Energy Company and changed its name to SilverBow Resources, Inc in May 2017.

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