Extraction Oil & Gas Inc (XOG) Shares Gap Up After Better-Than-Expected Earnings

Extraction Oil & Gas Inc (NYSE:XOG) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $11.50, but opened at $11.80. Extraction Oil & Gas shares last traded at $11.87, with a volume of 4,438,683 shares trading hands.

The energy company reported $0.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.03. The business had revenue of $119.80 million for the quarter, compared to the consensus estimate of $121.15 million. Extraction Oil & Gas had a net margin of 9.72% and a return on equity of 2.15%. The firm’s revenue was up 83.2% on a year-over-year basis.

A number of analysts have recently weighed in on XOG shares. Wells Fargo & Company downgraded shares of Extraction Oil & Gas from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 3rd. Zacks Investment Research downgraded shares of Extraction Oil & Gas from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Barclays PLC reaffirmed an “overweight” rating and issued a $22.00 target price (down from $24.00) on shares of Extraction Oil & Gas in a research report on Saturday, April 22nd. Credit Suisse Group reaffirmed an “outperform” rating and issued a $25.00 target price on shares of Extraction Oil & Gas in a research report on Monday, May 8th. Finally, Citigroup Inc. reduced their target price on shares of Extraction Oil & Gas from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. Extraction Oil & Gas has a consensus rating of “Buy” and an average target price of $22.82.

Several hedge funds have recently added to or reduced their stakes in the company. OZ Management LP purchased a new stake in shares of Extraction Oil & Gas during the first quarter valued at approximately $309,828,000. FMR LLC increased its stake in shares of Extraction Oil & Gas by 14.8% in the first quarter. FMR LLC now owns 12,944,940 shares of the energy company’s stock valued at $240,129,000 after buying an additional 1,667,142 shares during the period. BlackRock Inc. increased its stake in shares of Extraction Oil & Gas by 16.4% in the second quarter. BlackRock Inc. now owns 11,434,469 shares of the energy company’s stock valued at $153,792,000 after buying an additional 1,612,047 shares during the period. Vanguard Group Inc. increased its stake in shares of Extraction Oil & Gas by 87.8% in the second quarter. Vanguard Group Inc. now owns 7,787,620 shares of the energy company’s stock valued at $104,744,000 after buying an additional 3,641,505 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Extraction Oil & Gas by 203.2% in the first quarter. Wellington Management Group LLP now owns 7,062,142 shares of the energy company’s stock valued at $131,002,000 after buying an additional 4,732,639 shares during the period.

The company’s 50 day moving average is $12.57 and its 200 day moving average is $15.64.

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About Extraction Oil & Gas

Extraction Oil & Gas, Inc, formerly Extraction Oil & Gas, LLC, is an energy company. It is focused on the acquisition, development and production of oil, natural gas and natural gas liquids (NGL) reserves in the Rocky Mountains, primarily in the Wattenberg Field of the Denver-Julesburg Basin (the DJ Basin) of Colorado.