NEW YORK (TheStreet) -- Anadarko Petroleum (APC) shares are falling 1.17% to $92.64 in afternoon trading on Tuesday after the independent oil and gas company squashed rumors that it is engaged in talks to sell its multi-billion stake in Mozambique's gas reserves, according to Reuters.
"As it relates to Mozambique, we're not in discussions with anybody. We've never hired a banker to run a process," said CEO Al Walker in a conference call to discuss the release of the company's first quarter earnings results yesterday.
The company reported a first quarter net loss of 72 cents per share on revenue of $2.32 billion. Analysts on average were expecting the company to lose 65 cents per share on revenue of $2.45 billion.
The loss, the company's largest in over 10 years, was partially due to the $3.7 billion write down of one of its fields in Utah. The Greater Natural Buttes was originally supposed to be a $10 billion project that was supposed to drill over 4,000 wells across 237,000 net acres in Uinta basin area of the state, according to Bloomberg.
TheStreet Ratings team rates ANADARKO PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANADARKO PETROLEUM CORP (APC) 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 increase in net income, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."