Bill Barrett Corporation (BBG) Shares Gap Up After Earnings Beat
Bill Barrett Corporation (NYSE:BBG) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at ($5.11), but opened at $0.00. Bill Barrett Corporation shares last traded at $0.00, with a volume of 6013322 shares traded.
The energy company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.12. Bill Barrett Corporation had a negative return on equity of 7.59% and a negative net margin of 49.61%. The business had revenue of $67.87 million during the quarter, compared to analyst estimates of $61.23 million. During the same quarter in the prior year, the business posted ($0.10) EPS. Bill Barrett Corporation’s revenue for the quarter was up 34.4% compared to the same quarter last year.
BBG has been the subject of a number of analyst reports. Zacks Investment Research upgraded Bill Barrett Corporation from a “hold” rating to a “buy” rating and set a $3.50 price target for the company in a research note on Wednesday, July 12th. KLR Group reiterated a “buy” rating and issued a $8.00 price target (up previously from $7.00) on shares of Bill Barrett Corporation in a research note on Thursday, August 3rd. BidaskClub lowered Bill Barrett Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. BMO Capital Markets set a $3.00 price target on Bill Barrett Corporation and gave the stock a “hold” rating in a research note on Saturday, August 12th. Finally, ValuEngine lowered Bill Barrett Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $6.27.
In related news, CEO R Scot Woodall sold 10,000 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $3.04, for a total value of $30,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in BBG. Wells Fargo & Company MN lifted its holdings in shares of Bill Barrett Corporation by 260.4% in the 1st quarter. Wells Fargo & Company MN now owns 127,743 shares of the energy company’s stock valued at $581,000 after acquiring an additional 92,296 shares during the last quarter. UBS Asset Management Americas Inc. lifted its holdings in shares of Bill Barrett Corporation by 79.9% in the 1st quarter. UBS Asset Management Americas Inc. now owns 26,800 shares of the energy company’s stock valued at $122,000 after acquiring an additional 11,900 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Bill Barrett Corporation by 1.4% in the 1st quarter. Ameriprise Financial Inc. now owns 551,082 shares of the energy company’s stock valued at $2,507,000 after acquiring an additional 7,822 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Bill Barrett Corporation by 3.4% in the 1st quarter. Prudential Financial Inc. now owns 126,531 shares of the energy company’s stock valued at $576,000 after acquiring an additional 4,170 shares during the last quarter. Finally, Arizona State Retirement System bought a new position in shares of Bill Barrett Corporation in the 1st quarter valued at about $180,000. 90.58% of the stock is owned by hedge funds and other institutional investors.
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Bill Barrett Corporation Company Profile
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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