Lagging the bunch, Solazyme plummeted 15.4% to $8.76, while Halcon Resources plunged 9.2% to $4.64, SandRidge dropped 7.9% to $5.99 and Chesapeake shed 5.8% to $26.50.
Chesapeake, which reported earnings before the bell Wednesday, plummeted after CEO Doug Lawler projected fourth-quarter oil production to fall around 9,000 barrels a day, due to asset sales and weather interference.Despite the disappointing forecast, the Houston-based company reported better-than-expected third-quarter revenue of $4.87 billion, $1.38 billion higher than analysts surveyed by Yahoo! Finance had expected, and 64% higher than a year earlier. Earnings of 43 cents a share was in line with Wall Street forecasts. TheStreet Ratings team rates Chesapeake Energy as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation: "We rate Chesapeake Energy (CHK) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk."
- You can view the full analysis from the report here: CHK Ratings Report
- You can view the full analysis from the report here: SD Ratings Report
Also reporting after the bell Tuesday, renewable oil producer Solazyme reported revenue $3.2 million lower than predicted. The San Francisco-based company recorded a loss of 34 cents a share on revenue of $10.6 million, 24% higher than a year earlier. Disappointing investors, the company said it has delayed commercial production at its Moema plant in Brazil to the first quarter 2014, later than the 2013 planned opening. "While our timeline for oil production at Moema has been moved into 1Q, in part to accommodate additional enhancements we are making at the facility, we are excited to be nearing commercial production of our oils," said CEO Jonathan Wolfson in a statement. TheStreet Ratings team rates Solazyme INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: "We rate Solazyme INC (SZYM) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow."
- You can view the full analysis from the report here: SZYM Ratings Report
Halcon reported an earnings miss on Monday evening, sending shares lower since. The company, based in Houston, missed earnings estimates by 2 cents, but cleared revenue forecasts by $46.64 million. For the third quarter, the oiler drew 4 cents a share on $305 million in revenue, up an impressive 316% on a year earlier. Average daily production grew to 37,707 boe, up 237% from the same period a year earlier. TheStreet Ratings team rates Halcon Resources CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: "We rate Halcon Resources CORP (HK) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
- You can view the full analysis from the report here: HK Ratings Report
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