Bill Barrett Co. (BBG) Shares Gap Up on Better-Than-Expected Earnings

Shares of Bill Barrett Co. (NYSE:BBG) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at ($5.11), but opened at $0.00. Bill Barrett shares last traded at $0.00, with a volume of 6013322 shares.

The energy company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.12. Bill Barrett had a negative return on equity of 13.43% and a negative net margin of 36.12%. The firm had revenue of $67.87 million for the quarter, compared to analyst estimates of $61.23 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. Bill Barrett’s quarterly revenue was up 34.4% on a year-over-year basis.

BBG has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Bill Barrett from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. BMO Capital Markets set a $3.00 target price on Bill Barrett and gave the stock a “hold” rating in a research report on Saturday, August 12th. Imperial Capital initiated coverage on Bill Barrett in a research report on Thursday, September 28th. They set an “in-line” rating and a $5.00 target price on the stock. KeyCorp reiterated a “hold” rating on shares of Bill Barrett in a research report on Tuesday, September 12th. Finally, ValuEngine downgraded Bill Barrett from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $5.71.

In other news, CEO R Scot Woodall sold 10,000 shares of the company’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $4.19, for a total value of $41,900.00. The sale was disclosed in a filing with the SEC, which is available through this link. 2.70% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of BBG. BNP Paribas Arbitrage SA lifted its position in Bill Barrett by 129.5% during the second quarter. BNP Paribas Arbitrage SA now owns 34,359 shares of the energy company’s stock worth $105,000 after buying an additional 19,385 shares during the period. Cutler Group LP lifted its position in Bill Barrett by 3,046.7% during the second quarter. Cutler Group LP now owns 37,760 shares of the energy company’s stock worth $115,000 after buying an additional 36,560 shares during the period. UBS Group AG lifted its position in Bill Barrett by 50.2% during the first quarter. UBS Group AG now owns 26,186 shares of the energy company’s stock worth $119,000 after buying an additional 8,750 shares during the period. UBS Asset Management Americas Inc. lifted its position in Bill Barrett by 79.9% during the first quarter. UBS Asset Management Americas Inc. now owns 26,800 shares of the energy company’s stock worth $122,000 after buying an additional 11,900 shares during the period. Finally, Arizona State Retirement System lifted its position in Bill Barrett by 0.8% during the second quarter. Arizona State Retirement System now owns 39,760 shares of the energy company’s stock worth $122,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 90.58% of the company’s stock.

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Bill Barrett 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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