SilverBow Resources (NYSE:SBOW) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday.
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 brokerages also recently issued reports on SBOW. BidaskClub downgraded shares of SilverBow Resources from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 7th. Seaport Global Securities raised shares of SilverBow Resources from a “neutral” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Tuesday, December 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.50.
Shares of SilverBow Resources (NYSE:SBOW) opened at $27.66 on Wednesday. SilverBow Resources has a 52-week low of $19.89 and a 52-week high of $33.21. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.55 and a quick ratio of 0.55.
In related news, insider Sean C. Woolverton bought 761 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were purchased at an average cost of $33.01 per share, for a total transaction of $25,120.61. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sean C. Woolverton bought 898 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was bought at an average price of $28.11 per share, for a total transaction of $25,242.78. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 4,657 shares of company stock worth $127,656.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBOW. Schwab Charles Investment Management Inc. purchased a new position in SilverBow Resources in the second quarter valued at about $309,000. Bank of New York Mellon Corp purchased a new position in SilverBow Resources in the second quarter valued at about $623,000. Teachers Advisors LLC purchased a new position in SilverBow Resources in the second quarter valued at about $317,000. TIAA CREF Investment Management LLC purchased a new position in SilverBow Resources in the second quarter valued at about $478,000. Finally, Nationwide Fund Advisors purchased a new position in SilverBow Resources in the second quarter valued at about $104,000. Hedge funds and other institutional investors own 25.62% of the company’s stock.
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About SilverBow Resources
SilverBow Resources is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas from the Eagle Ford Shale in South Texas. With almost 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which they leverage to assemble drilling inventory.
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