Why Kosmos Energy Fell as Much as 15% in Early Trading Today
Shares of oil driller Kosmos Energy (NYSE: KOS) fell as much as 15.5% as trading got under way on Aug. 3. Although it managed to work back some of that loss, the stock was still off by roughly 10% at 11 a.m. EDT. The reason for investors' ire is pretty easy to identify: Kosmos reported earnings.
The good news is that the oil driller managed to beat estimates by $0.08 a share. The bad news is that this "beat" meant that it posted an adjusted loss of $0.23 per share compared to analyst expectations of a loss of $0.31 per share. Clearly, the company did not have a good quarter, noting that it had positive earnings of $0.05 per share in the same quarter of 2019. Revenue, meanwhile, fell by about two-thirds, a huge decline.
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Source Fool.com
