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Cobalt International Energy (NYSE:CIE) shares dropped 10.6% during trading on Tuesday following a weaker than expected earnings announcement, StockRatingsNetwork reports. The stock traded as low as $14.00 and last traded at $14.27, with a volume of 8,220,149 shares changing hands. The stock had previously closed at $15.97.

The company reported ($0.23) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.17) by $0.06. During the same quarter last year, the company posted ($0.19) earnings per share.

Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Cobalt International Energy from a “neutral” rating to an “outperform” rating in a research note on Monday. They now have a $19.90 price target on the stock. Separately, analysts at Sanford C. Bernstein initiated coverage on shares of Cobalt International Energy in a research note on Tuesday, June 17th. They set an “outperform” rating on the stock. Finally, analysts at Brean Capital initiated coverage on shares of Cobalt International Energy in a research note on Tuesday, June 17th. They set a “buy” rating and a $24.00 price target on the stock. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $28.34.

The stock’s 50-day moving average is $17.33 and its 200-day moving average is $17.70. The company’s market cap is $5.744 billion.

Cobalt International Energy, Inc independent, oil-focused exploration and production company with a salt prospect inventory in the deepwater of the United States Gulf of Mexico and offshore Angola and Gabon in West Africa.

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