Short Interest in Erin Energy Corp (ERN) Decreases By 3.5%

Erin Energy Corp (NYSEAMERICAN:ERN) was the recipient of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 646,099 shares, a decline of 3.5% from the November 15th total of 669,665 shares. Based on an average trading volume of 15,688 shares, the days-to-cover ratio is presently 41.2 days. Currently, 0.7% of the company’s shares are sold short.

In other news, major shareholder Kase Lukman Lawal acquired 33,247 shares of the firm’s stock in a transaction on Thursday, October 12th. The shares were purchased at an average price of $2.98 per share, for a total transaction of $99,076.06. Following the completion of the transaction, the insider now owns 3,328,092 shares of the company’s stock, valued at $9,917,714.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders acquired 114,695 shares of company stock worth $316,379 in the last 90 days.

Institutional investors and hedge funds have recently made changes to their positions in the business. Northern Trust Corp grew its holdings in Erin Energy by 27.1% in the second quarter. Northern Trust Corp now owns 123,686 shares of the company’s stock worth $179,000 after purchasing an additional 26,408 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Erin Energy by 106.6% in the second quarter. Goldman Sachs Group Inc. now owns 134,389 shares of the company’s stock worth $195,000 after buying an additional 69,354 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. bought a new position in shares of Erin Energy in the third quarter worth approximately $197,000.

Separately, ValuEngine cut shares of Erin Energy from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd.

Shares of Erin Energy (ERN) opened at $2.75 on Wednesday. Erin Energy has a fifty-two week low of $1.15 and a fifty-two week high of $4.10.

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About Erin Energy

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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