Erin Energy Corp (NYSEAMERICAN:ERN) saw a significant decrease in short interest in November. As of November 15th, there was short interest totalling 669,665 shares, a decrease of 6.8% from the October 31st total of 718,246 shares. Approximately 0.8% of the company’s shares are sold short. Based on an average daily volume of 25,340 shares, the short-interest ratio is presently 26.4 days.
In related news, major shareholder Kase Lukman Lawal acquired 33,247 shares of the business’s stock in a transaction dated Thursday, October 12th. The shares were acquired at an average price of $2.98 per share, with a total value of $99,076.06. Following the completion of the transaction, the insider now owns 3,328,092 shares of the company’s stock, valued at $9,917,714.16. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have acquired 116,789 shares of company stock worth $320,964 over the last 90 days.
Institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. purchased a new position in Erin Energy in the third quarter valued at $197,000. Goldman Sachs Group Inc. increased its holdings in Erin Energy by 106.6% in the second quarter. Goldman Sachs Group Inc. now owns 134,389 shares of the company’s stock valued at $195,000 after buying an additional 69,354 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Erin Energy by 27.1% in the second quarter. Northern Trust Corp now owns 123,686 shares of the company’s stock valued at $179,000 after buying an additional 26,408 shares during the last quarter.
Shares of Erin Energy (NYSEAMERICAN ERN) opened at $2.75 on Thursday. Erin Energy has a 12-month low of $1.15 and a 12-month high of $4.10.
Separately, ValuEngine lowered Erin Energy from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd.
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Erin Energy Company Profile
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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