Kosmos enters into crude oil prepayment agreement with Trafigura Trading » 05:4706/2906/29/20
Kosmos Energy announced…
Kosmos Energy announced that it has entered into a crude oil prepayment agreement with Trafigura Trading. Kosmos said in a release, "The Prepayment Agreement provides up to $200 million of crude oil sales primarily related to a portion of the Company's 2022 and 2023 Gulf of Mexico production, with $150 million committed by Trafigura. Kosmos expects to execute $50 million of advance crude oil sales in June 2020. Later this year, following the completion of the Prepayment Agreement conditions subsequent, an additional $100-150 million of advance crude oil sales is expected, subject to finalizing additional commitments for $50 million. Kosmos is evaluating the classification of the Prepayment Agreement as deferred revenue on its balance sheet, although such accounting treatment is subject to final analysis."
|Over a week ago|
Kosmos rises 21.5% » 09:4706/0806/08/20
Kosmos is up 21.5%, or…
Kosmos is up 21.5%, or 60c to $3.42.
|Over a month ago|
Kosmos downgraded to Neutral from Buy at Goldman Sachs » 05:1605/1405/14/20
KOS, CNQ, CVE
Goldman Sachs analyst…
Goldman Sachs analyst Neil Mehta downgraded Kosmos Energy (KOS) to Neutral from Buy with an unchanged six-month price target of $2. Other "high beta" investment opportunities exist in energy for investors to get exposure to an eventual oil price recovery in 2021-2022 with better credit quality, including Canadian Natural Resources (CNQ) and Cenovus Energy (CVE), Mehta tells investors in a research note. The analyst, however, continues to see "robust" long-term free cash flow for Kosmos and "healthy upside" to his price target.
Kosmos price target lowered to $3.45 from $3.60 at Berenberg » 11:4305/1305/13/20
Berenberg analyst James…
Berenberg analyst James Carmichael lowered the firm's price target on Kosmos to $3.45 from $3.60 and keeps a Buy rating on the shares.
Kosmos upgraded to Sector Perform from Underperform at RBC Capital » 11:3105/1305/13/20
RBC Capital analyst Al…
RBC Capital analyst Al Stanton upgraded Kosmos to Sector Perform from Underperform with a price target of $1.40, up from $1.10. Cost saving initiatives are bearing fruit, though he retains his cautious view on the value of Kosmos' African gas holdings, Stanton tells investors.
Kosmos reports Q1 adj. EPS (16c), consensus (15c) » 05:1105/1105/11/20
Reports Q1 revenue $178M,…
Reports Q1 revenue $178M, consensus $199.75M. Reports Q1 Net Production 66,300 barrels of oil equivalent per day with sales of 43,700 boepd, resulting in a material net underlift position of approximately 1.7 million barrels of oil equivalent. Commenting on the company's 1Q 2020 performance and the current COVID-19 situation, Chairman and CEO Andrew Inglis said: "COVID-19 has created unprecedented disruption across the world, which has resulted in historically low and volatile prices. During this challenging period, the health and safety of our employees and contractors continues to be our primary concern, while ensuring the strength of our balance sheet is maintained. Kosmos' operations performed well during the first quarter with production across our three hubs in line or at the top end of expectations. Our differentiated portfolio of low-cost, low decline conventional assets is well positioned to withstand the lower price environment we are in today. In response to the volatile market conditions, we have taken decisive actions to protect the business in 2020 and position it for increased activity in 2021. These measures include materially reducing costs and restructuring our hedging portfolio. We completed our RBL re-determination in difficult market conditions in April and have no near-term debt maturities. We look forward to building a self-funded gas business in Mauritania and Senegal and progressing our high-quality portfolio of ILX and basin-opening exploration prospects for 2021."
Kosmos price target lowered to $3.60 from $9 at Berenberg » 11:3604/2904/29/20
Berenberg analyst James…
Berenberg analyst James Carmichael lowered the firm's price target on Kosmos to $3.60 from $9 and keeps a Buy rating on the shares.
Kosmos price target lowered to $1.55 from $1.80 at Jefferies » 11:3304/2804/28/20
Jefferies analyst Mark…
Jefferies analyst Mark Wilson lowered the firm's price target on Kosmos to $1.55 from $1.80 and keeps a Buy rating on the shares.
Kosmos receives continued listing standard notice from NYSE » 05:5604/2304/23/20
Kosmos Energy announced…
Kosmos Energy announced that on April 20, it received formal notice from the New York Stock Exchange that the average closing price of the company's common stock over the prior 30-consecutive trading day period was below $1.00 per share, which is the minimum average share price required to maintain listing on the NYSE. Kosmos has notified the NYSE of its intention to return to compliance with the NYSE listing requirements within the six-month cure period. Under the NYSE rules, the company can regain compliance at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Kosmos is considering options to regain compliance, which may include a reverse stock split, if necessary. During the cure period, Kosmos' shares of common stock will continue to trade on the NYSE. The NYSE notification does not affect Kosmos' ongoing business operations or its SEC reporting requirements, nor does it trigger any violation of its debt obligations.
Kosmos downgraded to Hold from Buy at Investec » 06:3504/2104/21/20
Investec analyst Alex…
Investec analyst Alex Smith downgraded Kosmos to Hold from Buy with a $1.12 price target.