Erin Energy Corp (ERN) Sees Large Decline in Short Interest
Erin Energy Corp (NYSE:ERN) was the target of a large decrease in short interest in October. As of October 13th, there was short interest totalling 736,658 shares, a decrease of 0.2% from the September 29th total of 738,062 shares. Currently, 0.8% of the company’s shares are short sold. Based on an average trading volume of 29,441 shares, the days-to-cover ratio is currently 25.0 days.
Shares of Erin Energy Corp (NYSE:ERN) opened at 2.85 on Wednesday. The stock’s market cap is $607.79 million. Erin Energy Corp has a 52-week low of $1.15 and a 52-week high of $4.10. The firm has a 50-day moving average of $2.95 and a 200-day moving average of $2.15.
In related news, major shareholder Kase Lukman Lawal bought 15,057 shares of the business’s stock in a transaction on Monday, July 31st. The stock was bought at an average price of $1.80 per share, for a total transaction of $27,102.60. Following the transaction, the insider now directly owns 3,098,206 shares in the company, valued at $5,576,770.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders purchased 276,416 shares of company stock valued at $678,508.
A hedge fund recently raised its stake in Erin Energy Corp stock. Northern Trust Corp raised its stake in Erin Energy Corp (NYSE:ERN) by 27.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 123,686 shares of the company’s stock after buying an additional 26,408 shares during the quarter. Northern Trust Corp owned about 0.06% of Erin Energy Corp worth $179,000 at the end of the most recent reporting period.
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About Erin Energy Corp
Erin Energy Corporation is an independent oil and gas exploration and production company. The Company is focused on energy resources in Africa. It is focused on exploration for and production of hydrocarbons where commercial reserves have been found and developed. As of December 31, 2016, the Company’s asset portfolio consisted of seven licenses across four countries covering an area of approximately five million acres (approximately 19,000 square kilometers).
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