Cobalt International Energy, Inc. (NYSE:CIE) was the recipient of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 3,974,436 shares, a drop of 94.7% from the June 15th total of 74,912,283 shares. Based on an average daily volume of 1,586,374 shares, the days-to-cover ratio is currently 2.5 days. Approximately 16.4% of the company’s shares are sold short.

In related news, CEO Timothy J. Cutt sold 20,735 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $2.34, for a total transaction of $48,519.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.84% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. Federated Investors Inc. PA raised its stake in shares of Cobalt International Energy by 55.7% in the fourth quarter. Federated Investors Inc. PA now owns 170,454 shares of the energy producer’s stock valued at $208,000 after buying an additional 60,958 shares in the last quarter. A.R.T. Advisors LLC raised its stake in shares of Cobalt International Energy by 927.9% in the fourth quarter. A.R.T. Advisors LLC now owns 149,041 shares of the energy producer’s stock valued at $181,000 after buying an additional 134,541 shares in the last quarter. Norges Bank purchased a new stake in shares of Cobalt International Energy during the fourth quarter valued at approximately $1,888,000. Teachers Advisors LLC raised its stake in shares of Cobalt International Energy by 5.0% in the fourth quarter. Teachers Advisors LLC now owns 452,246 shares of the energy producer’s stock valued at $552,000 after buying an additional 21,368 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Cobalt International Energy by 108,695.7% in the first quarter. Bank of Montreal Can now owns 300,276 shares of the energy producer’s stock valued at $160,000 after buying an additional 300,000 shares in the last quarter.

Cobalt International Energy (CIE) opened at 2.61 on Tuesday. The stock’s market capitalization is $77.03 million. The company’s 50-day moving average price is $3.56 and its 200-day moving average price is $9.34. Cobalt International Energy has a one year low of $2.12 and a one year high of $25.19.

Cobalt International Energy (NYSE:CIE) last released its earnings results on Monday, May 8th. The energy producer reported ($33.75) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($29.25) by $4.50. The business had revenue of $9.87 million during the quarter, compared to analyst estimates of $14.10 million. Cobalt International Energy had a negative net margin of 10,396.82% and a negative return on equity of 1,077.95%. Equities research analysts predict that Cobalt International Energy will post ($7.37) EPS for the current year.

A number of analysts recently issued reports on the company. Sanford C. Bernstein downgraded Cobalt International Energy from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $450.00 to $270.00 in a research report on Thursday, May 4th. Zacks Investment Research downgraded Cobalt International Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, May 16th. ValuEngine raised Cobalt International Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, June 21st. Capital One Financial Corporation downgraded Cobalt International Energy from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, June 21st. Finally, Citigroup Inc. cut their price objective on Cobalt International Energy from $225.00 to $112.50 and set a “neutral” rating for the company in a research report on Monday, March 27th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $301.88.

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About Cobalt International Energy

Cobalt International Energy, Inc is an independent exploration and production company. The Company has its operations focused in the deepwater United States Gulf of Mexico. The Company also has a non-operated interest in the Diaba Block offshore Gabon in West Africa. The Company’s exploration efforts in the United States Gulf of Mexico has resulted in four oil and natural gas discoveries including the North Platte, Shenandoah, Anchor and Heidelberg fields.

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