Zacks Investment Research Downgrades SilverBow Resources (NYSE:SBOW) to Sell

Zacks Investment Research cut shares of SilverBow Resources (NYSE:SBOW) from a buy rating to a sell rating in a research report released on Thursday, Zacks.com reports.

According to Zacks, “SilverBow Resources, Inc. engages in the exploration, development and production of oil and natural gas properties. Its primarily project includes the Eagle Ford wells, Burr Ferry, South Bearhead Creek and Lake Washington fields. SilverBow Resources, Inc. is headquartered in Houston, TX. “

A number of other brokerages have also recently issued reports on SBOW. Northland Securities restated a buy rating and issued a $14.00 price objective on shares of SilverBow Resources in a research note on Sunday, September 1st. TheStreet upgraded SilverBow Resources from a d rating to a c- rating in a research note on Thursday, September 12th. Finally, ValuEngine upgraded SilverBow Resources from a sell rating to a hold rating in a research note on Wednesday, October 2nd.

SilverBow Resources stock traded down $0.26 during midday trading on Thursday, reaching $8.81. The stock had a trading volume of 16,551 shares, compared to its average volume of 28,348. SilverBow Resources has a 12 month low of $7.40 and a 12 month high of $29.87. The firm’s 50-day moving average price is $9.48 and its 200 day moving average price is $13.72. The firm has a market capitalization of $103.71 million, a PE ratio of 1.39 and a beta of 0.57. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.32.

SilverBow Resources (NYSE:SBOW) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $5.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.28 by $4.21. SilverBow Resources had a return on equity of 50.63% and a net margin of 48.20%. The business had revenue of $74.70 million for the quarter, compared to analysts’ expectations of $70.30 million. Equities research analysts expect that SilverBow Resources will post 7.95 EPS for the current year.

A number of institutional investors have recently made changes to their positions in SBOW. Price Wealth Management Inc. purchased a new position in SilverBow Resources during the 2nd quarter valued at about $71,000. Royal Bank of Canada grew its holdings in SilverBow Resources by 4,961.8% during the 2nd quarter. Royal Bank of Canada now owns 6,631 shares of the company’s stock valued at $92,000 after buying an additional 6,500 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in SilverBow Resources by 84.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 8,571 shares of the company’s stock valued at $119,000 after buying an additional 3,913 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in SilverBow Resources during the 2nd quarter valued at about $347,000. Finally, Strs Ohio grew its holdings in SilverBow Resources by 13.7% during the 2nd quarter. Strs Ohio now owns 30,700 shares of the company’s stock valued at $425,000 after buying an additional 3,700 shares in the last quarter. Institutional investors and hedge funds own 82.12% of the company’s stock.

About SilverBow Resources

SilverBow Resources, Inc, an energy company, engages in the exploration, development, and production of oil and gas from the Eagle Ford Shale in South Texas. As of December 31, 2018, it had proved reserves of 1,345 MMcfe. The company was formerly known as Swift Energy Company and changed its name to SilverBow Resources, Inc in May 2017.

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