Is Major Move Coming For Bonanza Creek Energy, Inc. (BCEI) After This Double Bottom Pattern?

February 25, 2018 - By Hazel Jackson

The chart of Bonanza Creek Energy, Inc. (BCEI) shows a double bottom with $27.55 target or 5.00 % below today’s $29.00 share price. The 7 months chart pattern indicates high risk for the $593.15M company. It was reported on Feb, 25 by Finviz.com. If the $27.55 price target is reached, the company will be worth $29.66M less. Double bottoms are rare but powerful chart patterns.

The stock increased 2.04% or $0.58 during the last trading session, reaching $29. About 316,579 shares traded or 7.55% up from the average. Bonanza Creek Energy, Inc. (NYSE:BCEI) has declined 89.11% since February 25, 2017 and is downtrending. It has underperformed by 105.81% the S&P500.

Analysts await Bonanza Creek Energy, Inc. (NYSE:BCEI) to report earnings on March, 21. They expect $0.37 earnings per share, up 100.55 % or $67.79 from last year’s $-67.42 per share. BCEI’s profit will be $7.57M for 19.59 P/E if the $0.37 EPS becomes a reality. After $0.67 actual earnings per share reported by Bonanza Creek Energy, Inc. for the previous quarter, Wall Street now forecasts -44.78 % negative EPS growth.

Bonanza Creek Energy, Inc. (NYSE:BCEI) Ratings Coverage

Among 18 analysts covering Bonanza Creek Energy (NYSE:BCEI), 2 have Buy rating, 5 Sell and 11 Hold. Therefore 11% are positive. Bonanza Creek Energy had 48 analyst reports since July 28, 2015 according to SRatingsIntel. The firm has “Reduce” rating given on Wednesday, July 27 by SunTrust. On Tuesday, August 2 the stock rating was downgraded by Wunderlich to “Sell”. KeyBanc Capital Markets maintained the shares of BCEI in report on Monday, November 13 with “Hold” rating. Wunderlich downgraded the stock to “Hold” rating in Wednesday, March 2 report. Cowen & Co downgraded Bonanza Creek Energy, Inc. (NYSE:BCEI) on Tuesday, September 8 to “Underperform” rating. Imperial Capital downgraded the shares of BCEI in report on Wednesday, March 2 to “In-Line” rating. The rating was downgraded by Macquarie Research to “Underperform” on Monday, May 9. The firm earned “Neutral” rating on Tuesday, October 13 by JP Morgan. The stock has “Hold” rating by Johnson Rice on Wednesday, March 2. As per Wednesday, September 9, the company rating was downgraded by Macquarie Research.

More recent Bonanza Creek Energy, Inc. (NYSE:BCEI) news were published by: Seekingalpha.com which released: “Bonanza Creek Energy’s Bankruptcy Plan Is Approved – What Is The Common Worth?” on April 11, 2017. Also Denverpost.com published the news titled: “Denver-based Bonanza Creek Energy left standing at the altar” on December 29, 2017. Seekingalpha.com‘s news article titled: “Icahn takes 13.5% stake in SandRidge Energy, opposes Bonanza Creek buy” with publication date: November 22, 2017 was also an interesting one.

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