NEW YORK ( TheStreet) -- Shares of McMoRan Exploration (NYSE: MMR) were gapping down Tuesday morning with an open price 14.3% lower than Monday's closing price. The stock closed at $12.14 Monday and opened today's trading at $10.41. The average volume for McMoRan has been 2.7 million shares per day over the past 30 days. McMoRan has a market cap of $1.99 billion and is part of the basic materials sector and energy industry. Shares are down 16.6% year to date as of the close of trading on Monday. McMoRan Exploration Co., through its subsidiary, McMoRan Oil & Gas LLC, engages in the exploration, development, and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area of the United States. TheStreet Ratings rates McMoRan as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and compelling growth in net income. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year. You can view the full McMoRan Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping down? Get free SMS text alerts sent to you when the action happens by texting DOWN to 95370 or select from multiple alert options.