Oil and gas exploration company, Kosmos Energy Ltd. (KOS - Free Report) witnessed a 13.9% decline in the last session amid heavy trade following the news of the company’s failure to find a significant amount of oil and gas at its Lamantin-1 exploration well offshore Mauritania. The stock dropped sharply, closing at $6.75 yesterday, a significant departure from the near-flat trend of $7.50 to $8.11 in the past 30-day time frame.
As Kosmos did not find commercial hydrocarbons, it decided to plug and abandon the Lamantin-1 well. Notably, this is the company's second failed attempt since October when it had to abandon the Hippocampe–1 well, also located offshore Mauritania. Kosmos used Ensco DS 12 drillship - owned by Ensco plc - for drilling purposes at both these wells. The drillship will now move on to test the independent Requin Tigre prospect located offshore Senegal, which is expected to take approximately two months.
The data gathered from these two attempts will be added to the company’s information base related to the Mauritania salt basin.
With 28% stake, Kosmos is the operator of the Lamantin-1 exploration well in Block C-12. The company has BP p.l.c. (BP - Free Report) and Societe Mauritanienne des Hydrocarbures et de Patrimoine Minier (“SMHPM”) as partners with 62% and 10% stake, respectively.
About the Company
Based in Hamilton, Bermuda, Kosmos operates as an oil and gas exploration and production company. It focuses on several regions in Africa and South America. The company’s sales for 2017 are expected to climb 64.5% year over year. It pulled off an average beat of 6.3% in the last four quarters.
Kosmos has lost 3.7% of its value year to date compared with 8% decline of its industry.
Zacks Rank and Stocks to Consider
Kosmos has a Zacks Rank #3 (Hold).
A better-ranked stock in the oil and energy sector is Northern Oil and Gas, Inc. (NOG - Free Report) . It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Minnetonka, MN-based Northern Oil and Gas is an independent energy company. The company’s sales for the fourth quarter of 2017 are expected to grow 51.9% year over year. The company pulled off an average beat of 175% in the last four quarters.
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Oil and gas exploration company, Kosmos Energy Ltd. (KOS - Free Report) witnessed a 13.9% decline in the last session amid heavy trade following the news of the company’s failure to find a significant amount of oil and gas at its Lamantin-1 exploration well offshore Mauritania. The stock dropped sharply, closing at $6.75 yesterday, a significant departure from the near-flat trend of $7.50 to $8.11 in the past 30-day time frame.
As Kosmos did not find commercial hydrocarbons, it decided to plug and abandon the Lamantin-1 well. Notably, this is the company's second failed attempt since October when it had to abandon the Hippocampe–1 well, also located offshore Mauritania. Kosmos used Ensco DS 12 drillship - owned by Ensco plc - for drilling purposes at both these wells. The drillship will now move on to test the independent Requin Tigre prospect located offshore Senegal, which is expected to take approximately two months.
The data gathered from these two attempts will be added to the company’s information base related to the Mauritania salt basin.
With 28% stake, Kosmos is the operator of the Lamantin-1 exploration well in Block C-12. The company has BP p.l.c. (BP - Free Report) and Societe Mauritanienne des Hydrocarbures et de Patrimoine Minier (“SMHPM”) as partners with 62% and 10% stake, respectively.
About the Company
Based in Hamilton, Bermuda, Kosmos operates as an oil and gas exploration and production company. It focuses on several regions in Africa and South America. The company’s sales for 2017 are expected to climb 64.5% year over year. It pulled off an average beat of 6.3% in the last four quarters.
Kosmos has lost 3.7% of its value year to date compared with 8% decline of its industry.
Zacks Rank and Stocks to Consider
Kosmos has a Zacks Rank #3 (Hold).
A better-ranked stock in the oil and energy sector is Northern Oil and Gas, Inc. (NOG - Free Report) . It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Minnetonka, MN-based Northern Oil and Gas is an independent energy company. The company’s sales for the fourth quarter of 2017 are expected to grow 51.9% year over year. The company pulled off an average beat of 175% in the last four quarters.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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