ATP Oil & Gas Shares Plunge 17% (ATPG)
August 06, 2010 3:25 PM
Shares of ATP Oil & Gas Corporation (Nasdaq: ATPG) are trading down 17% at $10.98 per share on Friday afternoon. The day's trading range for shares of ATP Oil & Gas Corporation has been between $10.86 and $12.22 per share. Analysts covering the company's stock have a consensus price target of $14.63 per share.
Volume of 7.6 million shares is is far above the daily average volume of 4.9 million shares.
ATP Oil & Gas Corporation (ATPG) released financial results on Friday before the opening bell that were well below Wall Street estimates. The company announced a 2nd quarter loss of $1.63 per share, on revenue of $101.1 million.
According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 19 cents per share, on revenue of $122.34 million.
The company's results took a hit from the offshore drilling moratorium and the company warned of future project delays.
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