Erin Energy Corporation announced on Wednesday that it has been added as a member of the broad-market Russell 3000 Index effective after the equity markets closed on June 26 as part of the 2015 Russell indexes reconstitution.
Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
Chris Hearne, Senior Vice President and Chief Financial Officer of Erin Energy commented: “We are pleased to note our addition to the prestigious Russell Indexes and expect an enhanced profile and awareness for Erin Energy among a broader investor base.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $5.7 trillion in assets are benchmarked to the Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
