SilverBow Resources (NYSE:SBOW) Shares Gap Up to $30.85

SilverBow Resources, Inc. (NYSE:SBOWGet Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $30.85, but opened at $32.00. SilverBow Resources shares last traded at $30.13, with a volume of 7,287 shares.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. TheStreet raised shares of SilverBow Resources from a “c” rating to a “b-” rating in a research note on Tuesday, September 6th. Truist Financial upped their target price on shares of SilverBow Resources from $56.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. Finally, KeyCorp began coverage on shares of SilverBow Resources in a research note on Monday. They set an “overweight” rating and a $58.00 price objective for the company.

SilverBow Resources Stock Performance

The stock’s 50 day moving average price is $39.24 and its 200 day moving average price is $36.03. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $490.41 million, a price-to-earnings ratio of 5.02 and a beta of 2.25.

SilverBow Resources (NYSE:SBOWGet Rating) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $1.19. SilverBow Resources had a net margin of 18.28% and a return on equity of 71.35%. The company had revenue of $182.61 million during the quarter, compared to the consensus estimate of $110.00 million. Analysts expect that SilverBow Resources, Inc. will post 16.72 earnings per share for the current year.

Insider Activity at SilverBow Resources

In other news, major shareholder Kimmeridge Energy Management C bought 278,378 shares of the business’s stock in a transaction that occurred on Friday, July 8th. The stock was acquired at an average cost of $29.45 per share, for a total transaction of $8,198,232.10. Following the purchase, the insider now owns 2,981,356 shares of the company’s stock, valued at approximately $87,800,934.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Kimmeridge Energy Management C bought 278,378 shares of the business’s stock in a transaction that occurred on Friday, July 8th. The stock was acquired at an average cost of $29.45 per share, for a total transaction of $8,198,232.10. Following the purchase, the insider now owns 2,981,356 shares of the company’s stock, valued at approximately $87,800,934.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles W. Wampler sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $47.05, for a total transaction of $235,250.00. Following the completion of the sale, the director now owns 31,869 shares of the company’s stock, valued at $1,499,436.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,352 shares of company stock worth $4,267,717. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On SilverBow Resources

Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in SilverBow Resources by 0.4% during the first quarter. BlackRock Inc. now owns 110,784 shares of the company’s stock worth $3,545,000 after acquiring an additional 496 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its position in SilverBow Resources by 11.9% during the second quarter. O Shaughnessy Asset Management LLC now owns 12,177 shares of the company’s stock worth $345,000 after acquiring an additional 1,299 shares during the last quarter. Exchange Traded Concepts LLC acquired a new stake in SilverBow Resources during the first quarter worth approximately $50,000. Point72 Hong Kong Ltd acquired a new stake in SilverBow Resources during the second quarter worth approximately $61,000. Finally, BNP Paribas Arbitrage SA lifted its position in SilverBow Resources by 217.3% during the first quarter. BNP Paribas Arbitrage SA now owns 4,293 shares of the company’s stock worth $137,000 after acquiring an additional 2,940 shares during the last quarter.

About SilverBow Resources

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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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