Zacks Investment Research Upgrades SilverBow Resources (NYSE:SBOW) to “Hold”

SilverBow Resources (NYSE:SBOWGet Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, “SilverBow Resources, Inc. engages in the exploration, development and production of oil and natural gas properties. Its primarily project includes the Eagle Ford wells, Burr Ferry, South Bearhead Creek and Lake Washington fields. SilverBow Resources, Inc. is headquartered in Houston, TX. “

A number of other research firms have also issued reports on SBOW. Truist Financial boosted their price target on shares of SilverBow Resources from $39.00 to $50.00 in a report on Monday, April 18th. TheStreet upgraded shares of SilverBow Resources from a “d+” rating to a “c+” rating in a report on Thursday, March 3rd.

NYSE SBOW opened at $36.35 on Thursday. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.46 and a quick ratio of 0.46. The company’s 50 day simple moving average is $30.86 and its 200 day simple moving average is $27.09. SilverBow Resources has a 12 month low of $8.95 and a 12 month high of $40.50. The company has a market capitalization of $610.75 million, a P/E ratio of 7.36 and a beta of 2.20.

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

In other SilverBow Resources news, CEO Sean C. Woolverton sold 1,086 shares of the business’s stock in a transaction that occurred on Tuesday, March 8th. The shares were sold at an average price of $30.00, for a total value of $32,580.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sean C. Woolverton sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $40.00, for a total transaction of $400,000.00. Following the completion of the sale, the chief executive officer now directly owns 240,721 shares of the company’s stock, valued at $9,628,840. The disclosure for this sale can be found here. Insiders have sold 67,804 shares of company stock worth $2,193,081 over the last ninety days. 4.20% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of SBOW. Millennium Management LLC lifted its stake in shares of SilverBow Resources by 443.7% in the fourth quarter. Millennium Management LLC now owns 237,072 shares of the company’s stock worth $5,161,000 after buying an additional 193,465 shares during the last quarter. Renaissance Technologies LLC raised its stake in SilverBow Resources by 1,248.2% during the 3rd quarter. Renaissance Technologies LLC now owns 140,955 shares of the company’s stock valued at $3,453,000 after purchasing an additional 130,500 shares during the last quarter. Invesco Ltd. acquired a new position in SilverBow Resources during the 3rd quarter valued at $2,734,000. Acadian Asset Management LLC raised its stake in SilverBow Resources by 63.1% during the 4th quarter. Acadian Asset Management LLC now owns 220,148 shares of the company’s stock valued at $4,790,000 after purchasing an additional 85,199 shares during the last quarter. Finally, BlackRock Inc. raised its stake in SilverBow Resources by 195.0% during the 4th quarter. BlackRock Inc. now owns 110,288 shares of the company’s stock valued at $2,401,000 after purchasing an additional 72,899 shares during the last quarter. Institutional investors and hedge funds own 65.22% of the company’s stock.

About SilverBow Resources (Get Rating)

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.

Further Reading

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