Pinnacle Holdings LLC Takes Position in Vaalco Energy Inc $EGY

Key Points

• Pinnacle Holdings LLC acquired 206,817 shares of Vaalco Energy in the second quarter, worth approximately $1.05 million and representing about 0.20% of the company. Institutional investors collectively own 50.32% of EGY.
• Analyst sentiment remains cautious: Vaalco has an average rating of “Reduce”, with one Hold and one Sell rating, and a consensus price target of $7.30.
• Vaalco shares opened at $5.93, within a 12-month range of $3.36 to $6.72. The company also declared a quarterly dividend of $0.0625, equal to a $0.25 annualized payout and a 4.2% yield.

Pinnacle Holdings LLC purchased a new stake in Vaalco Energy Inc (NYSE:EGY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 206,817 shares of the energy company's stock, valued at approximately $1,051,000. Pinnacle Holdings LLC owned approximately 0.20% of Vaalco Energy as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EGY. Tieton Capital Management LLC bought a new position in Vaalco Energy in the 2nd quarter worth about $9,324,000. UBS Group AG increased its position in shares of Vaalco Energy by 154.9% during the fourth quarter. UBS Group AG now owns 1,326,729 shares of the energy company's stock valued at $4,829,000 after buying an additional 806,283 shares during the period. Sei Investments Co. lifted its holdings in shares of Vaalco Energy by 125.9% in the first quarter. Sei Investments Co. now owns 1,214,918 shares of the energy company's stock worth $7,703,000 after buying an additional 677,176 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Vaalco Energy by 6.7% in the second quarter. BlackRock Inc. now owns 8,936,762 shares of the energy company's stock worth $45,399,000 after buying an additional 558,168 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Vaalco Energy by 228.0% in the first quarter. AQR Capital Management LLC now owns 744,296 shares of the energy company's stock valued at $2,799,000 after acquiring an additional 517,368 shares during the period. 50.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EGY has been the subject of several recent analyst reports. Zacks Research raised shares of Vaalco Energy from a "strong sell" rating to a "hold" rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of Vaalco Energy from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Vaalco Energy in a report on Friday, August 7th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Vaalco Energy presently has an average rating of "Reduce" and a consensus target price of $7.30.

Vaalco Energy Price Performance

Shares of NYSE EGY opened at $5.93 on Monday. The firm has a market capitalization of $623.78 million, a P/E ratio of -5.59 and a beta of 0.10. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.60. The stock's 50-day simple moving average is $5.40 and its two-hundred day simple moving average is $5.56. Vaalco Energy Inc has a twelve month low of $3.36 and a twelve month high of $6.72.

Vaalco Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, August 21st will be given a $0.0625 dividend. The ex-dividend date is Friday, August 21st. This represents a $0.25 annualized dividend and a yield of 4.2%. Vaalco Energy's payout ratio is presently -23.58%.

About Vaalco Energy

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.

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