Lilis Energy (NYSEAMERICAN:LLEX) announced that its Board of Directors has initiated a share buyback program, which permits the company to buyback $10.00 million in shares on Wednesday, February 21st, EventVestor reports. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
LLEX has been the subject of a number of recent analyst reports. B. Riley initiated coverage on shares of Lilis Energy in a report on Tuesday, February 6th. They set a “buy” rating and a $5.50 price target for the company. Zacks Investment Research downgraded shares of Lilis Energy from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Lilis Energy currently has an average rating of “Buy” and an average price target of $6.56.
Shares of Lilis Energy (LLEX) opened at $3.93 on Tuesday. Lilis Energy has a 1-year low of $2.95 and a 1-year high of $5.69. The firm has a market cap of $199.65, a P/E ratio of -1.81 and a beta of -1.67.
Lilis Energy, Inc is an upstream independent oil and gas company. The Company is engaged in the acquisition, drilling and production of oil and natural gas properties and prospects. The Company drills for, operates and produces oil and natural gas wells through its land holdings located in Wyoming, Colorado, and Nebraska.
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