Kosmos Energy (KOS) Shares Gap Down on Disappointing Earnings

Kosmos Energy Ltd (NYSE:KOS) shares gapped down prior to trading on Monday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.83, but opened at $6.50. Kosmos Energy shares last traded at $6.29, with a volume of 6224283 shares.

The oil and gas producer reported ($0.23) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.09). The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $239.20 million. Kosmos Energy had a negative net margin of 49.78% and a negative return on equity of 15.21%. The business’s revenue for the quarter was up 65.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) earnings per share.

KOS has been the subject of a number of recent analyst reports. Berenberg Bank initiated coverage on Kosmos Energy in a research report on Thursday, November 1st. They set a “buy” rating and a $12.00 target price for the company. Societe Generale set a $10.00 target price on Kosmos Energy and gave the company a “buy” rating in a research report on Monday. Goldman Sachs Group upgraded Kosmos Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $11.00 to $9.00 in a research report on Tuesday. Raymond James downgraded Kosmos Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, September 26th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded Kosmos Energy from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a research report on Friday, August 10th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $10.02.

In other news, Director David Benjamin Krieger sold 5,684,429 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $8.94, for a total transaction of $50,818,795.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Iv Gp L.L.C. Bcp sold 3,295,571 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $8.94, for a total value of $29,462,404.74. The disclosure for this sale can be found here. 3.76% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new position in shares of Kosmos Energy during the 3rd quarter worth $122,000. Trexquant Investment LP acquired a new position in shares of Kosmos Energy during the 2nd quarter worth $139,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Kosmos Energy during the 3rd quarter worth $181,000. Cubist Systematic Strategies LLC raised its holdings in shares of Kosmos Energy by 47.4% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 26,260 shares of the oil and gas producer’s stock worth $217,000 after buying an additional 8,441 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Kosmos Energy during the 2nd quarter worth $250,000. 93.97% of the stock is owned by institutional investors.

The company has a quick ratio of 0.79, a current ratio of 0.96 and a debt-to-equity ratio of 1.57. The firm has a market capitalization of $2.59 billion, a P/E ratio of -17.97 and a beta of 1.92.

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Kosmos Energy Company Profile (NYSE:KOS)

Kosmos Energy Ltd. explores for and produces oil and gas in Africa and South America. Its asset portfolio includes production and other development projects in offshore Ghana and Equatorial Guinea; and exploration potential in offshore Mauritania and Senegal, as well as exploration licenses in offshore Cote d'Ivoire, Equatorial Guinea, Morocco, Sao Tome and Principe, and Suriname.

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