Cobalt International Energy, Inc. (CIE) Upgraded at Zacks Investment Research
Cobalt International Energy, Inc. (NYSE:CIE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $1.50 target price on the energy producer’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.29% from the company’s current price.
According to Zacks, “Cobalt International Energy, Inc., through its subsidiary Cobalt International Energy, L.P., operates as an independent oil focused exploration and production company with a highly prospective world-class portfolio in the deepwater U.S. Gulf of Mexico and offshore West Africa. All of the Company’s prospects are oil-focused. The company is based in Houston, Texas. “
A number of other research analysts have also recently commented on CIE. ValuEngine raised Cobalt International Energy from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Citigroup Inc. restated a “sell” rating and issued a $1.00 price target (down from $1.50) on shares of Cobalt International Energy in a research note on Saturday, July 22nd. Capital One Financial Corporation lowered shares of Cobalt International Energy from an “equal weight” rating to an “underweight” rating in a report on Wednesday, June 21st. TheStreet assumed coverage on shares of Cobalt International Energy in a report on Monday, June 5th. They set a “sell” rating for the company. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Cobalt International Energy in a research report on Friday, July 7th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Cobalt International Energy has an average rating of “Hold” and a consensus price target of $160.25.
Shares of Cobalt International Energy (NYSE CIE) traded down 0.73% during midday trading on Tuesday, reaching $1.36. 402,437 shares of the company were exchanged. The stock’s market capitalization is $40.16 million. Cobalt International Energy has a 12-month low of $1.32 and a 12-month high of $21.89. The company has a 50 day moving average price of $1.78 and a 200-day moving average price of $3.60.
Cobalt International Energy (NYSE:CIE) last released its quarterly earnings data on Tuesday, August 8th. The energy producer reported ($2.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.79). Cobalt International Energy had a negative return on equity of 1,077.95% and a negative net margin of 7,253.08%. The business had revenue of $13.75 million during the quarter. On average, analysts forecast that Cobalt International Energy will post ($11.08) earnings per share for the current fiscal year.
In related news, CEO Timothy J. Cutt sold 20,735 shares of the stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $2.34, for a total transaction of $48,519.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 23,121 shares of company stock worth $53,745 over the last quarter. 2.84% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. KCG Holdings Inc. raised its holdings in shares of Cobalt International Energy by 314.6% during the 1st quarter. KCG Holdings Inc. now owns 228,718 shares of the energy producer’s stock worth $122,000 after acquiring an additional 173,550 shares in the last quarter. American International Group Inc. boosted its position in shares of Cobalt International Energy by 7.0% during the 1st quarter. American International Group Inc. now owns 251,195 shares of the energy producer’s stock valued at $134,000 after acquiring an additional 16,490 shares during the last quarter. OZ Management LP bought a new position in shares of Cobalt International Energy during the 2nd quarter valued at approximately $150,000. SG Americas Securities LLC bought a new position in shares of Cobalt International Energy during the 1st quarter valued at approximately $160,000. Finally, Bank of Montreal Can boosted its position in shares of Cobalt International Energy by 108,695.7% during the 1st quarter. Bank of Montreal Can now owns 300,276 shares of the energy producer’s stock valued at $160,000 after acquiring an additional 300,000 shares during the last quarter. 79.78% of the stock is currently owned by institutional investors and hedge funds.
About Cobalt International Energy
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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