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UPDATE: Deutsche Bank Reiterates Hold, Lowers PT on Kosmos Energy on Disappointing Sipo Results


In a report published Tuesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Kosmos Energy (NYSE: KOS), but slightly lowered the price target from $16.00 to $15.00.

In the report, Deustsche Bank noted, “Unsuccessful Sipo Prospect Onshore Cameroon. KOS announced the Sipo-1 exploration well onshore Cameroon Oil had oil and gas shows but failed to encounter commercial reservoirs and will be plugged and abandoned with KOS will recording a $75MM exploration expense r in 2Q13. While the Ndian River Block remains an active petroleum system, management will review the data to determine future drilling opportunities. Though results from Sipo are disappointing, we had only risked onshore Cameroon success at 20%, with the potential value impact compared to the rest of the exploration portfolio minimal. Our PT is reduced to $15/sh, down $1/sh, reflecting the dry hole.”

Kosmos Energy closed on Monday at $11.92.

Latest Ratings for KOS

May 2020Goldman SachsDowngradesBuyNeutral
Mar 2020Raymond JamesDowngradesOutperformMarket Perform
Mar 2020RBC CapitalDowngradesOutperformUnderperform

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