Bonanza Creek Energy (BCEI) Stock Declined Today, Disclosed Financial Problems
NEW YORK (TheStreet) -- Shares of Bonanza Creek Energy (BCEI) - Get Report closed down 36.84% to $1.44 this afternoon after it was revealed that the company is putting Perella Weinberg Partners on retainer to help explore restructuring options, the Denver Post reports.
Bonanza Creek is a Denver-based energy company.
The company is looking for help in analyzing and evaluating financial alternatives, according to a report filed with the Securities and Exchange Commission.
Nearly 16.7 million shares were traded today vs. its average of 3.2 million per day.
Oil prices are also down today, with crude (WTI) dropping 3.55% to $45.14 per barrel and Brent crude falling 3.8% to $46.63 per barrel.
Separately, TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally high debt management risk.
You can view the full analysis from the report here: BCEI
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.