Resolute Energy Continues to Climb After Earnings

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Small-cap oil and gas E&P company
Resolute Energy Corp
REN
is continuing to rise in Monday's after hours trading session after having a huge day ahead of the company's second-quarter earnings results. At last check, the stock was up an additional 8 percent in late trading to $9.00, after surging 24 percent to $8.35 during regular trading hours. Resolute Energy has now broken out to a new 52-week high and this is a name that traders may want to keep an eye on in the coming days and weeks. Resolute reported a net loss of $36.9 million, or $2.44 per share on adjusted revenue of $35.4 million. Wall Street analysts had consensus estimates calling for a loss of $0.03 per share. The $2.44 per share loss, however, is a GAAP figure and not comparable to analysts' estimates. Heading into the report, 6 analysts had consensus revenue estimates of $51.65 million, so Resolute missed on its top-line results. Positive news in the quarter include an upward production guidance revision of 13 percent, and a record low lease operating expense in the quarter. On July 8, Resolute announced that its exit rate production for June was 15,400 Boe per day, an all-time record for the company. This press release triggered a huge move in the stock and Resolute has been riding this momentum ever since.
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Posted In: EarningsNewsGuidanceAfter-Hours Center
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