Bank of America Securities Lowers PT on Kosmos Energy (KOS), Maintains a Buy Rating

Kosmos Energy Ltd. (NYSE:KOS) is one of the Most Oversold Penny Stocks to Buy Now. On August 5, Matthew Smith from Bank of America Securities reduced the firm’s price target on Kosmos Energy Ltd. (NYSE:KOS) from $5 to $4.2, while maintaining a Buy rating on the stock.

The cautious outlook follows the company’s fiscal second-quarter results, where the company missed both top and bottom line estimates. The company delivered $393.52 million in revenue, down 12.73% year-over-year and below consensus by $4.82 million. The EPS of negative $0.19 also came below the expectations by $0.10.

Management noted that they are focused on increasing production, reducing costs, and strengthening the balance sheet. It now expects full-year production to be between 65,000 – 70,000 boepd.

Kosmos Energy Ltd. (NYSE:KOS) is an oil and gas exploration and production company focused on deepwater fields. The company holds interests in multiple offshore assets across West Africa.

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Disclosure: None. This article is originally published at Insider Monkey.