NEW YORK (TheStreet) -- Loews (L - Get Report) shares are slumping 2.6% to $37.12 on Monday morning after the hotel, energy and financial services conglomerate reported second quarter 2015 earnings results that missed analysts' estimates.
For the quarter ended June 30, the company earned 46 cents per share on revenue of $3.44 billion.
Analysts had expected the company to post earnings of 70 cents per share on revenue of $3.59 billion.
In the same quarter the previous year, the company earned 79 cents per share on revenue of $3.6 billion.
The company said its quarterly profit dropped due to lower revenue from its Diamond Offshore Drilling unit and its insurance business.
Specifically, the company's largest unit, CNA Financial, posted a 48% drop in second quarter profit compared to the same period the previous year. The company's second-largest subsidiary Diamond Offshore also reported an 8.4% drop in second quarter revenue, as it was hurt by a weaker demand due to lower oil prices.
Separately, TheStreet Ratings team rates LOEWS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate LOEWS CORP (L) 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 compelling growth in net income and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and poor profit margins."
You can view the full analysis from the report here: L Ratings ReportL data by YCharts