Vaalco Energy (NYSE:EGY) Shares Gap Down After Earnings Miss

Vaalco Energy Inc (NYSE:EGY)’s stock price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $5.64, but opened at $5.20. Vaalco Energy shares last traded at $5.1960, with a volume of 634,388 shares traded.

The energy company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Vaalco Energy had a return on equity of 1.02% and a net margin of 7.40%.The business had revenue of $91.04 million during the quarter, compared to the consensus estimate of $76.30 million.

Vaalco Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, February 27th will be given a dividend of $0.0625 per share. The ex-dividend date is Friday, February 27th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 4.8%. Vaalco Energy’s dividend payout ratio is currently 92.59%.

Analysts Set New Price Targets

EGY has been the topic of a number of research reports. Wall Street Zen upgraded shares of Vaalco Energy from a “sell” rating to a “hold” rating in a report on Sunday, January 18th. Weiss Ratings raised shares of Vaalco Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, January 13th. Loop Capital set a $7.30 target price on Vaalco Energy in a report on Friday, January 16th. Finally, Zacks Research downgraded Vaalco Energy from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $7.30.

Institutional Investors Weigh In On Vaalco Energy

Several large investors have recently bought and sold shares of EGY. PNC Financial Services Group Inc. lifted its position in Vaalco Energy by 810.3% during the second quarter. PNC Financial Services Group Inc. now owns 7,410 shares of the energy company’s stock valued at $27,000 after purchasing an additional 6,596 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Vaalco Energy in the 4th quarter worth about $31,000. CWM LLC increased its holdings in shares of Vaalco Energy by 91.1% in the 3rd quarter. CWM LLC now owns 8,469 shares of the energy company’s stock worth $34,000 after buying an additional 4,038 shares during the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of Vaalco Energy during the 3rd quarter valued at about $41,000. Finally, Catalyst Funds Management Pty Ltd purchased a new stake in shares of Vaalco Energy during the 2nd quarter valued at about $42,000. Institutional investors own 50.32% of the company’s stock.

Vaalco Energy Trading Down 7.2%

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.05. The stock’s fifty day moving average is $4.77 and its 200 day moving average is $4.13. The stock has a market cap of $545.80 million, a P/E ratio of 19.39 and a beta of 0.21.

Vaalco Energy Company Profile

Vaalco Energy, Inc is an independent energy company principally engaged in the exploration, development and production of crude oil and natural gas. Headquartered in Houston, Texas, Vaalco concentrates on offshore assets in West Africa, with a strategic emphasis on maintaining and optimizing cash-flow–generating properties. Founded in the mid-1980s, the company has built its reputation by focusing on high-impact drilling prospects and extending the productive life of its core fields through targeted infill wells and enhanced recovery techniques.

The company’s primary producing asset is the Etame Marin block offshore Gabon, where Vaalco holds a majority interest and serves as operator.