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Energy XXI (Bermuda) Limited (NASDAQ:EXXI) was downgraded by equities researchers at Howard Weil from a “sector outperform” rating to a “sector perform” rating in a research report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $28.00 price target on the stock, down from their previous price target of $34.00. Howard Weil’s price target would indicate a potential upside of 77.89% from the stock’s previous close.

Shares of Energy XXI (NASDAQ:EXXI) traded down 1.44% during mid-day trading on Friday, hitting $15.74. 7,883,029 shares of the company’s stock traded hands. Energy XXI has a one year low of $15.57 and a one year high of $33.93. The stock has a 50-day moving average of $20.84 and a 200-day moving average of $22.32. The company has a market cap of $1.475 billion and a P/E ratio of 24.95. Energy XXI (Bermuda) Limited also was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 11,937,025 shares, a drop of 7.4% from the July 15th total of 12,890,411 shares. Approximately 13.2% of the company’s stock are short sold. Based on an average daily trading volume, of 1,176,368 shares, the days-to-cover ratio is currently 10.1 days.

Energy XXI (Bermuda) Limited (NASDAQ:EXXI) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.26 by $0.32. The company had revenue of $324.13 million for the quarter, compared to the consensus estimate of $320.25 million. Analysts expect that Energy XXI will post $1.32 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Friday, September 12th. Investors of record on Friday, August 29th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.05%.

A number of other analysts have also recently weighed in on EXXI. Analysts at BMO Capital Markets initiated coverage on shares of Energy XXI (Bermuda) Limited in a research note on Tuesday, May 27th. They set an “outperform” rating and a $28.00 price target on the stock. Analysts at Raymond James upgraded shares of Energy XXI (Bermuda) Limited from an “outperform” rating to a “strong-buy” rating in a research note on Monday, May 19th. They now have a $29.00 price target on the stock. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $29.50.

Energy XXI (NASDAQ:EXXI) Limited (Energy XXI) is an independent oil and natural gas exploration and production company with operations focused in the United States Gulf Coast and the Gulf of Mexico.

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