Seventy Seven Energy Shares Gap Up After Insider Buying Activity (SSE)
Seventy Seven Energy (NYSE:SSE)’s share price gapped up before the market opened on Wednesday following insider buying activity, AR Network reports. The stock had previously closed at $23.62, but opened at $23.74. Seventy Seven Energy shares last traded at $24.21, with a volume of 252,347 shares traded.
Specifically, CFO Cary D. Baetz purchased 4,300 shares of Seventy Seven Energy stock on the open market in a transaction dated Friday, August 29th. The stock was purchased at an average cost of $23.50 per share, with a total value of $101,050.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on SSE. Analysts at Susquehanna initiated coverage on shares of Seventy Seven Energy in a research note on Monday, July 28th. They set a “neutral” rating and a $26.00 price target on the stock. Separately, analysts at Morgan Stanley initiated coverage on shares of Seventy Seven Energy in a research note on Thursday, July 17th. They set an “equal weight” rating and a $29.00 price target on the stock. Finally, analysts at Jefferies Group initiated coverage on shares of Seventy Seven Energy in a research note on Wednesday, July 16th. They set a “hold” rating and a $27.00 price target on the stock.
The stock’s 50-day moving average is $23.9 and its 200-day moving average is $24.19. The company’s market cap is $1.163 billion.
Seventy Seven Energy (NYSE:SSE) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.31 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.13 by $0.18. The company had revenue of $549.50 million for the quarter, compared to the consensus estimate of $487.60 million. Seventy Seven Energy’s revenue was down 5.8% compared to the same quarter last year. Analysts expect that Seventy Seven Energy will post $0.60 EPS for the current fiscal year.
Seventy Seven Energy Inc is a diversified oilfield services company that provides a range of wellsite services and equipment to the United States land-based exploration and production (NYSE:SSE) customers operating in unconventional resource plays.
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