Zacks Investment Research upgraded shares of Lilis Energy (NYSEAMERICAN:LLEX) from a sell rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “Lilis Energy, Inc. is an independent oil and gas exploration and production company. It is engaged in the acquisition, drilling and production of oil and natural gas properties and prospects within the DJ Basin. Lilis Energy, Inc., formerly known as Recovery Energy, Inc., is based in Denver. “
Separately, B. Riley initiated coverage on Lilis Energy in a research report on Tuesday, February 6th. They set a buy rating and a $5.50 target price for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $6.56.
Lilis Energy declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 21st that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
Several large investors have recently made changes to their positions in LLEX. Wolverine Trading LLC increased its holdings in shares of Lilis Energy by 411.0% in the 3rd quarter. Wolverine Trading LLC now owns 61,188 shares of the company’s stock valued at $274,000 after acquiring an additional 49,214 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Lilis Energy by 799.6% in the 4th quarter. Wells Fargo & Company MN now owns 26,816 shares of the company’s stock valued at $137,000 after acquiring an additional 23,835 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Lilis Energy by 163.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 34,936 shares of the company’s stock valued at $179,000 after acquiring an additional 21,692 shares during the period. BlackRock Inc. increased its holdings in shares of Lilis Energy by 1.3% in the 4th quarter. BlackRock Inc. now owns 2,019,513 shares of the company’s stock valued at $10,320,000 after acquiring an additional 25,730 shares during the period. Finally, Geode Capital Management LLC grew its stake in Lilis Energy by 9.0% during the 4th quarter. Geode Capital Management LLC now owns 331,987 shares of the company’s stock worth $1,696,000 after buying an additional 27,331 shares during the last quarter.
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About Lilis Energy
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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