The company reported a net loss of $1.8 million, or 6 cents a share, which missed the consensus estimate of earnings of 26 cents a share. Revenue of $324.13 million beat analysts' expectations of $320.25 million.
The stock was down 18.37% to $16.04 at 12:18 p.m. More than 12.9 million shares had changed hands, compared to the average volume of 1,723,890.
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Separately, TheStreet Ratings team rates ENERGY XXI (BERMUDA) as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENERGY XXI (BERMUDA) (EXXI) 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 reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."
You can view the full analysis from the report here: EXXI Ratings Report