Cobalt International Energy, Inc. (NYSE:CIE) Posts Earnings Results, Misses Estimates By $0.79 EPS
Cobalt International Energy, Inc. (NYSE:CIE) posted its quarterly earnings data on Tuesday. The energy producer reported ($2.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.60) by $0.79, Morningstar.com reports. The firm had revenue of $13.75 million during the quarter.
Cobalt International Energy (CIE) remained flat at $2.25 on Wednesday. The company had a trading volume of 344,499 shares. The stock’s market capitalization is $66.41 million. The stock’s 50-day moving average price is $2.48 and its 200 day moving average price is $6.72. Cobalt International Energy has a 12-month low of $2.10 and a 12-month high of $22.35.
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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.84% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. KCG Holdings Inc. raised its stake in Cobalt International Energy by 314.6% in the first quarter. KCG Holdings Inc. now owns 228,718 shares of the energy producer’s stock valued at $122,000 after buying an additional 173,550 shares during the period. American International Group Inc. increased its position in shares of Cobalt International Energy by 7.0% in the first quarter. American International Group Inc. now owns 251,195 shares of the energy producer’s stock worth $134,000 after buying an additional 16,490 shares in the last quarter. OZ Management LP acquired a new position in shares of Cobalt International Energy during the second quarter worth about $150,000. SG Americas Securities LLC acquired a new position in shares of Cobalt International Energy during the first quarter worth about $160,000. Finally, Bank of Montreal Can increased its position 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 worth $160,000 after buying an additional 300,000 shares in the last quarter.
CIE has been the topic of a number of analyst reports. Zacks Investment Research cut Cobalt International Energy from a “buy” rating to a “hold” rating in a research report on Monday, April 24th. Citigroup Inc. cut Cobalt International Energy from a “neutral” rating to a “sell” rating in a research report on Wednesday, May 3rd. Sanford C. Bernstein cut Cobalt International Energy from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $450.00 to $270.00 in a research report on Thursday, May 4th. TheStreet initiated coverage on Cobalt International Energy in a research report on Monday, June 5th. They set a “sell” rating on the stock. Finally, Capital One Financial Corporation cut Cobalt International Energy from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, June 21st. Four research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $204.95.
Cobalt International Energy Company Profile
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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