Shares in Bonanza Creek Energy Inc (BCEI) plummeted 36.84% in Wednesday’s trading after the company announced it hired Perella Weinberg Partners on retainer to help explore restructuring options. The Denver-based company is looking for help in analyzing and evaluating financial alternatives, according to a report filed with the Securities and Exchange Commission. Investors didn't appreciate the news that BCEI could be in more financial trouble.
BCEI’s 52-week range: 0.88 - 10.20
Nearly 16.7 million shares were traded today, with the usual average being 3.2 million per day. Oil prices were down today, crude dropping 3.55% to $45.14 per barrel and Brent crude falling 3.8% to $46.63 per barrel.
Bonanza Creek Energy Inc, an independent energy company, engaging in the acquisition, exploration, development, and production of onshore oil and associated liquids-rich natural gas in the United States. The company’s oil and liquids weighted assets are located primarily in the Wattenberg Field in Colorado; and the Dorcheat Macedonia Field in southern Arkansas. It also owns and operates oil-producing assets in the North Park Basin in Colorado; and the McKamie Patton Field in Southern Arkansas. Bonanza Creek Energy Inc. was founded in 2010 and is headquartered in Denver, Colorado.
Nearly 80 energy-related companies have filed for bankruptcy since 2015. Many brokers recommended to their clients that they invest heavily in these highly volatile and risky oil-related companies. As the price of crude dropped, the investors watched their portfolios lose, in some cases, their life savings.
If you’ve experienced devastating losses in BCEI or any other energy-related stock due to your broker’s recommendation to over-concentrate your conservative portfolio in high-risk oil and gas stocks, call Soreide Law Group for a free-consultation regarding the possibility of recovering your investment losses at: 888-760-6552.
We operate on a contingency fee basis and we represent our clients nationwide before FINRA.
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