VAALCO Energy (NYSE:EGY) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of VAALCO Energy (NYSE:EGYGet Rating) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $6.50 price target on the energy company’s stock.

According to Zacks, “VAALCO ENERGY is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. “

Several other analysts also recently weighed in on EGY. StockNews.com downgraded shares of VAALCO Energy from a strong-buy rating to a buy rating in a research report on Thursday, March 24th. TheStreet upgraded shares of VAALCO Energy from a c+ rating to a b rating in a research report on Monday, March 7th.

VAALCO Energy stock opened at $6.18 on Tuesday. The firm’s 50-day moving average is $6.62 and its 200-day moving average is $4.97. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.78 and a current ratio of 0.82. VAALCO Energy has a 1 year low of $2.06 and a 1 year high of $8.23. The company has a market cap of $364.01 million, a P/E ratio of 4.38 and a beta of 1.78.

VAALCO Energy (NYSE:EGYGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.06. VAALCO Energy had a net margin of 36.91% and a return on equity of 42.80%. During the same period in the prior year, the company posted $0.15 EPS. As a group, sell-side analysts predict that VAALCO Energy will post 2.11 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Wednesday, May 25th will be paid a dividend of $0.032 per share. The ex-dividend date is Tuesday, May 24th. This represents a $0.13 annualized dividend and a yield of 2.07%. VAALCO Energy’s payout ratio is 9.22%.

In other VAALCO Energy news, Director Andrew Lawrence Fawthrop sold 35,000 shares of the firm’s stock in a transaction dated Monday, March 14th. The shares were sold at an average price of $5.53, for a total transaction of $193,550.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jason Doornik sold 6,000 shares of VAALCO Energy stock in a transaction that occurred on Monday, March 14th. The stock was sold at an average price of $5.83, for a total transaction of $34,980.00. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in EGY. Hillsdale Investment Management Inc. purchased a new position in shares of VAALCO Energy in the fourth quarter worth approximately $2,580,000. Assenagon Asset Management S.A. increased its position in shares of VAALCO Energy by 787.0% in the first quarter. Assenagon Asset Management S.A. now owns 556,101 shares of the energy company’s stock worth $3,631,000 after acquiring an additional 493,407 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of VAALCO Energy by 1,858.3% during the first quarter. Acadian Asset Management LLC now owns 420,978 shares of the energy company’s stock worth $2,747,000 after purchasing an additional 399,481 shares during the period. Independent Advisor Alliance acquired a new stake in shares of VAALCO Energy during the first quarter worth approximately $2,253,000. Finally, Marshall Wace LLP acquired a new stake in shares of VAALCO Energy during the fourth quarter worth approximately $915,000. 39.88% of the stock is currently owned by institutional investors and hedge funds.

VAALCO Energy Company Profile (Get Rating)

VAALCO Energy, Inc, an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas. The company holds Etame production sharing contract related to the Etame Marin block located offshore in the Republic of Gabon in West Africa. It also owns interests in an undeveloped block offshore Equatorial Guinea, West Africa.

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