Bill Barrett (NYSE:BBG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage presently has a $5.25 price target on the energy company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.23% from the stock’s previous close.
According to Zacks, “Bill Barrett Corporation is a Denver-based exploration and production company focused on the development of oil and natural gas assets located in the Denver-Julesburg (DJ) Basin of Colorado and the Uinta Basin of Utah. The Company has projects in nine basins in the Rocky Mountains. “
A number of other research firms have also issued reports on BBG. SunTrust Banks initiated coverage on shares of Bill Barrett in a report on Friday, March 2nd. They set a “buy” rating and a $7.00 target price for the company. BMO Capital Markets set a $6.00 price target on shares of Bill Barrett and gave the company a “hold” rating in a research report on Tuesday, November 14th. Imperial Capital raised shares of Bill Barrett from an “in-line” rating to an “outperform” rating and set a $9.00 price target on the stock in a research report on Monday, February 5th. ValuEngine cut shares of Bill Barrett from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 12th. Finally, Barclays boosted their price target on shares of Bill Barrett from $4.00 to $7.00 and gave the company an “equal weight” rating in a research report on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $6.48.
Bill Barrett (NYSE:BBG) last released its earnings results on Tuesday, February 27th. The energy company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.04. Bill Barrett had a negative net margin of 54.67% and a negative return on equity of 5.27%. The business had revenue of $83.40 million during the quarter, compared to analyst estimates of $82.50 million. During the same quarter in the prior year, the firm earned ($0.18) earnings per share. The company’s revenue for the quarter was up 61.6% compared to the same quarter last year. equities analysts expect that Bill Barrett will post 0.16 EPS for the current fiscal year.
In other news, CEO R Scot Woodall sold 10,000 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $4.64, for a total transaction of $46,400.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. acquired a new position in Bill Barrett in the fourth quarter valued at about $53,865,000. Renaissance Technologies LLC lifted its position in Bill Barrett by 48.2% in the fourth quarter. Renaissance Technologies LLC now owns 6,266,600 shares of the energy company’s stock valued at $32,148,000 after buying an additional 2,038,500 shares during the last quarter. BlackRock Inc. lifted its position in Bill Barrett by 16.6% in the fourth quarter. BlackRock Inc. now owns 12,359,488 shares of the energy company’s stock valued at $63,406,000 after buying an additional 1,761,291 shares during the last quarter. Millennium Management LLC lifted its position in Bill Barrett by 175.1% in the fourth quarter. Millennium Management LLC now owns 2,425,230 shares of the energy company’s stock valued at $12,441,000 after buying an additional 1,543,634 shares during the last quarter. Finally, Boston Partners lifted its position in Bill Barrett by 68.7% in the fourth quarter. Boston Partners now owns 2,687,483 shares of the energy company’s stock valued at $13,786,000 after buying an additional 1,094,866 shares during the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.
About Bill Barrett
Bill Barrett Corporation is an independent energy company that develops, acquires and explores for oil and natural gas resources. The Company’s assets and operations are located in the Rocky Mountain region of the United States. It has over two areas of production: The Denver-Julesburg Basin (DJ Basin) and the Uinta Oil Program in the Uinta Basin.
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