Cobalt International Energy (CIE) Releases Earnings Results, Beats Expectations By $0.05 EPS

Cobalt International Energy (CIE) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $-0.08 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $-0.13. The company posted revenue of $1.60 million in the period, compared to analysts expectations of $6.71 million. During the same quarter in the previous year, the company posted $-0.20 EPS.

Many Wall Street Analysts have commented on Cobalt International Energy. Cobalt International Energy was Downgraded by Tudor Pickering to ” Hold” on Apr 21, 2016. Shares were Reiterated by Deutsche Bank on Mar 29, 2016 to “Buy” and Lowered the Price Target to $ 11 from a previous price target of $14 .Shares were Reiterated by RBC Capital Mkts on Feb 23, 2016 to “Sector Perform” and Lowered the Price Target to $ 6 from a previous price target of $7 .

Cobalt International Energy opened for trading at $3.19 and hit $3.345 on the upside on Monday, eventually ending the session at $3.29, with a gain of 1.86% or 0.06 points. The heightened volatility saw the trading volume jump to 53,69,311 shares. Company has a market cap of $1,364 M.

In a different news, on Feb 22, 2016, James H. Painter (Executive Vice President) sold 5,879 shares at $2.18 per share price. According to the SEC, on Feb 22, 2016, Lynne L. Hackedorn (VP, Gov’t and Public Affairs) sold 2,255 shares at $2.18 per share price. On Feb 22, 2016, Van P. Whitfield (EVP, COO) sold 7,207 shares at $2.18 per share price, according to the Form-4 filing with the securities and exchange commission.

Cobalt International Energy Inc. is an independent exploration and production company with operations in the deepwater the United States Gulf of Mexico and offshore Angola and Gabon in West Africa. The Company operates in two segments: the U.S. Gulf of Mexico and West Africa. The Company is focused on drilling exploration wells on its below-salt exploration portfolio which has resulted in the ten discoveries. The Company’s ten discoveries consist of North Platte Heidelberg Shenandoah and Anchor in the United States Gulf of Mexico; Cameia Lontra Mavinga Bicuar and Orca offshore Angola; and Diaman offshore Gabon. In addition it has interest in the Yucatan discovery in the United States Gulf of Mexico. With these discoveries its focus areas include project appraisal and development continued exploration and new ventures.

Cobalt International Energy

Leave a Reply

Cobalt International Energy - Is it time to Sell?

Top Brokerage Firms are advising their investors on Cobalt International Energy. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.