Extraction Oil & Gas (XOG) Bond Prices Rise 7% Earnings

An issue of Extraction Oil & Gas Inc (NASDAQ:XOG) debt rose 7% against its face value during trading on Wednesday following a dissappointing earnings announcement. The high-yield debt issue has a 7.375% coupon and is set to mature on May 15, 2024. The debt is now trading at $98.75 and was trading at $93.75 last week. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price. The energy company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.08). Extraction Oil & Gas had a positive return on equity of 0.82% and a negative net margin of 11.69%. The company had revenue of $282.20 million for the quarter, compared to analyst estimates of $256.67 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. The company’s revenue for the quarter was up 56.0% on a year-over-year basis.

Several research analysts have weighed in on XOG shares. Williams Capital reiterated a “buy” rating and issued a $22.00 price target on shares of Extraction Oil & Gas in a report on Wednesday, August 8th. BMO Capital Markets reiterated a “buy” rating and issued a $17.00 price target on shares of Extraction Oil & Gas in a report on Monday, August 13th. KLR Group reiterated a “buy” rating and issued a $25.00 price target on shares of Extraction Oil & Gas in a report on Monday, August 20th. Zacks Investment Research upgraded Extraction Oil & Gas from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Saturday, October 13th. Finally, Credit Suisse Group set a $13.00 price target on Extraction Oil & Gas and gave the company a “buy” rating in a report on Friday, October 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $16.90.

Institutional investors and hedge funds have recently modified their holdings of the business. Aperio Group LLC acquired a new stake in shares of Extraction Oil & Gas during the 2nd quarter worth $158,000. Principal Financial Group Inc. acquired a new stake in shares of Extraction Oil & Gas during the 1st quarter worth $181,000. State of Alaska Department of Revenue increased its holdings in shares of Extraction Oil & Gas by 40.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 13,230 shares of the energy company’s stock worth $194,000 after buying an additional 3,780 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Extraction Oil & Gas during the 3rd quarter worth $202,000. Finally, Strs Ohio acquired a new stake in shares of Extraction Oil & Gas during the 2nd quarter worth $252,000. Institutional investors own 91.90% of the company’s stock.

The firm has a market capitalization of $1.45 billion, a P/E ratio of 314.67 and a beta of 1.80. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.41 and a quick ratio of 0.37.

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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. As of December 31, 2017, it had approximately 171,400 net acres of contiguous acreage blocks in the productive areas of the DJ Basin; held approximately 183,300 net acres outside of the Core DJ Basin; had estimated proved reserves of approximately 292.7 MMBoe; and had 1,300 gross producing wells.

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