Cobalt International Energy (CIE) is Reiterated by Deutsche Bank to Buy, Lowers Price Target to $ 3

Cobalt International Energy (CIE) was Reiterated by Deutsche Bank to “Buy” while Lowering the Price Target of the company shares to $ 3 from a previous price target of $7 . Deutsche Bank advised their investors in a research report released on Aug 3, 2016.

On the company’s financial health, Cobalt International Energy reported $-0.49 EPS for the quarter, missing the analyst consensus estimate by $ -0.38 based on the information available during the earnings call on Aug 2, 2016. Analyst had a consensus of $-0.11.Analysts expectations of $ 5.51.During the same quarter in the previous year, the company posted $-0.16 EPS.

Cobalt International Energy closed down -0.381 points or -28.01% at $0.979 with 1,78,55,794 shares getting traded on Tusday. Post opening the session at $1.28, the shares hit an intraday low of $0.7682 and an intraday high of $1.28 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.

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

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