Short Interest in Erin Energy Corp (ERN) Decreases By 2.5%
Erin Energy Corp (NYSEAMERICAN:ERN) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 718,246 shares, a decline of 2.5% from the October 13th total of 736,658 shares. Currently, 0.8% of the shares of the company are sold short. Based on an average trading volume of 42,479 shares, the short-interest ratio is presently 16.9 days.
In other news, major shareholder Kase Lukman Lawal bought 19,055 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was purchased at an average cost of $2.52 per share, for a total transaction of $48,018.60. Following the purchase, the insider now directly owns 3,098,206 shares in the company, valued at approximately $7,807,479.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have acquired 151,653 shares of company stock valued at $404,626.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Northern Trust Corp increased its holdings in Erin Energy Corp by 27.1% in the 2nd quarter. Northern Trust Corp now owns 123,686 shares of the company’s stock worth $179,000 after acquiring an additional 26,408 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Erin Energy Corp by 106.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 134,389 shares of the company’s stock worth $195,000 after acquiring an additional 69,354 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. purchased a new stake in Erin Energy Corp in the 3rd quarter worth $197,000.
Erin Energy Corp (NYSEAMERICAN ERN) opened at $2.60 on Wednesday. Erin Energy Corp has a 12 month low of $1.15 and a 12 month high of $4.10.
Separately, ValuEngine upgraded shares of Erin Energy Corp from a “sell” rating to a “hold” rating in a research note on Monday, September 11th.
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About Erin Energy Corp
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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