Extraction Oil & Gas (NASDAQ:XOG) Stock Price Down 9.2% After Earnings Miss

Shares of Extraction Oil & Gas Inc (NASDAQ:XOG) were down 9.2% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $3.26 and last traded at $3.37, approximately 3,862,107 shares were traded during mid-day trading. A decline of 18% from the average daily volume of 4,689,773 shares. The stock had previously closed at $3.71.

The energy company reported ($0.14) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.06). Extraction Oil & Gas had a net margin of 7.21% and a negative return on equity of 2.57%. The company had revenue of $222.10 million during the quarter, compared to the consensus estimate of $217.03 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. The firm’s revenue for the quarter was down 14.6% compared to the same quarter last year.

Several research analysts have recently commented on XOG shares. Zacks Investment Research upgraded Extraction Oil & Gas from a “strong sell” rating to a “hold” rating in a research note on Saturday, April 27th. Cowen started coverage on Extraction Oil & Gas in a research note on Tuesday, April 9th. They set a “market perform” rating and a $6.00 target price for the company. BidaskClub upgraded Extraction Oil & Gas from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 20th. KeyCorp started coverage on Extraction Oil & Gas in a research note on Tuesday, May 28th. They set a “sector weight” rating for the company. Finally, Wells Fargo & Co started coverage on Extraction Oil & Gas in a research note on Monday, May 20th. They set a “market perform” rating and a $8.00 target price for the company. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $11.58.

In related news, Chairman Mark Erickson sold 70,024 shares of Extraction Oil & Gas stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $4.08, for a total transaction of $285,697.92. Following the completion of the sale, the chairman now directly owns 1,614,542 shares of the company’s stock, valued at approximately $6,587,331.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 9.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP raised its holdings in shares of Extraction Oil & Gas by 1,522.9% during the 1st quarter. Marshall Wace LLP now owns 4,165,682 shares of the energy company’s stock worth $17,622,000 after buying an additional 3,909,000 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Extraction Oil & Gas by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,895,368 shares of the energy company’s stock worth $25,292,000 after buying an additional 888,898 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Extraction Oil & Gas by 274.5% during the 1st quarter. SG Americas Securities LLC now owns 1,129,131 shares of the energy company’s stock worth $4,776,000 after buying an additional 827,657 shares in the last quarter. Norges Bank acquired a new position in shares of Extraction Oil & Gas during the 4th quarter worth $2,143,000. Finally, First Trust Advisors LP raised its holdings in shares of Extraction Oil & Gas by 73.1% during the 1st quarter. First Trust Advisors LP now owns 808,686 shares of the energy company’s stock worth $3,421,000 after buying an additional 341,607 shares in the last quarter. 99.56% of the stock is owned by hedge funds and other institutional investors.

The company has a current ratio of 0.60, a quick ratio of 0.53 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $604.17 million, a P/E ratio of -33.10 and a beta of 2.13. The firm has a fifty day simple moving average of $3.98.

About Extraction Oil & Gas (NASDAQ:XOG)

Extraction Oil & Gas, Inc, an independent oil and gas company, focuses on the acquisition, development, and production of oil, natural gas, and natural gas liquid reserves in the Rocky Mountain region, primarily in the Wattenberg Field of the Denver-Julesburg (DJ) Basin of Colorado. The company also engages in the construction and support of midstream assets to gather, process, and produce crude oil and gas.

Featured Article: Using other technical indicators with support levels

Receive News & Ratings for Extraction Oil & Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extraction Oil & Gas and related companies with MarketBeat.com's FREE daily email newsletter.