Energy XXI (Bermuda) Limited Stock Price Down 17.8% on Disappointing Earnings (EXXI)
Energy XXI (Bermuda) Limited (NASDAQ:EXXI) shares fell 17.8% on Thursday after the company announced weaker than expected quarterly earnings, AR Network reports. The stock traded as low as $15.72 and last traded at $16.15, with a volume of 14,967,472 shares traded. The stock had previously closed at $19.65.
The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.26 by $0.32. The company had revenue of $324.13 million for the quarter, compared to the consensus estimate of $320.25 million.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 12th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.44%.
EXXI has been the subject of a number of recent research reports. Analysts at BMO Capital Markets initiated coverage on shares of Energy XXI (Bermuda) Limited in a research note on Tuesday, May 27th. They set an “outperform” rating and a $28.00 price target on the stock. Analysts at Raymond James upgraded shares of Energy XXI (Bermuda) Limited from an “outperform” rating to a “strong-buy” rating in a research note on Monday, May 19th. They now have a $29.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Energy XXI (Bermuda) Limited currently has an average rating of “Buy” and an average target price of $31.33.
The stock’s 50-day moving average is $21.2 and its 200-day moving average is $22.42. The company has a market cap of $1.131 billion and a P/E ratio of 13.17. Energy XXI (Bermuda) Limited also was the target of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 11,937,025 shares, a decline of 7.4% from the July 15th total of 12,890,411 shares. Approximately 13.2% of the company’s shares are sold short. Based on an average daily volume of 1,176,368 shares, the short-interest ratio is presently 10.1 days.
Energy XXI (NASDAQ:EXXI) Limited (Energy XXI) is an independent oil and natural gas exploration and production company with operations focused in the United States Gulf Coast and the Gulf of Mexico.
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