Zacks Investment Research Downgrades Cobalt International Energy, Inc. (CIE) to Hold

Cobalt International Energy, Inc. (NYSE:CIE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

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. “

Several other research firms have also weighed in on CIE. ValuEngine upgraded shares of Cobalt International Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, June 21st. Capital One Financial Corporation lowered shares of Cobalt International Energy from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, June 21st. Citigroup Inc. restated a “sell” rating and set a $1.00 price objective (down previously from $1.50) on shares of Cobalt International Energy in a research report on Saturday, July 22nd. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of Cobalt International Energy in a research report on Friday, July 7th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $160.25.

Shares of Cobalt International Energy (NYSE CIE) opened at 1.12 on Tuesday. The company’s 50-day moving average is $1.64 and its 200-day moving average is $3.41. Cobalt International Energy has a 12-month low of $1.10 and a 12-month high of $21.89. The stock’s market cap is $33.07 million.

Cobalt International Energy (NYSE:CIE) last announced its earnings results on Tuesday, August 8th. The energy producer reported ($2.39) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.60) by ($0.79). The company had revenue of $13.75 million during the quarter. Cobalt International Energy had a negative net margin of 7,253.08% and a negative return on equity of 1,077.95%. On average, analysts expect that Cobalt International Energy will post ($7.74) earnings per share for the current fiscal year.

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Several large investors have recently bought and sold shares of the company. Proxima Capital Management LLC boosted its position in shares of Cobalt International Energy by 8.5% during the 1st quarter. Proxima Capital Management LLC now owns 4,800,000 shares of the energy producer’s stock valued at $2,560,000 after purchasing an additional 375,000 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Cobalt International Energy by 5.4% during the 1st quarter. Bank of New York Mellon Corp now owns 2,104,313 shares of the energy producer’s stock valued at $1,123,000 after purchasing an additional 107,589 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Cobalt International Energy by 10.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,471,488 shares of the energy producer’s stock valued at $785,000 after purchasing an additional 141,822 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Cobalt International Energy by 36.7% during the 1st quarter. California Public Employees Retirement System now owns 1,059,900 shares of the energy producer’s stock valued at $565,000 after purchasing an additional 284,700 shares in the last quarter. Finally, Cobalt Capital Management Inc. bought a new position in shares of Cobalt International Energy during the 1st quarter valued at about $325,000. Institutional investors own 79.78% of the company’s stock.

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.

Analyst Recommendations for Cobalt International Energy (NYSE:CIE)

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