IREN proposes $875 million convertible notes offering due 2031
Nealesh D. Shah, the Senior Vice President and Chief Financial Officer of Kosmos Energy Ltd . (NYSE:KOS), recently sold shares of the company’s common stock. According to a filing with the Securities and Exchange Commission, Shah sold a total of 156,206 shares over two days, February 4th and 5th, 2025. The transactions were carried out at an average price of $3.11 and $3.12 per share, respectively, with actual sales prices ranging from $3.045 to $3.170. The total value of these sales amounted to $486,580. The stock, which InvestingPro analysis shows has declined 45% over the past year, currently trades near $3.00. Following these transactions, Shah now holds 1,555,374 shares directly. The shares were sold to satisfy tax withholding obligations related to the vesting of restricted share units under the company’s Long Term Incentive Plan. InvestingPro data indicates the stock is currently undervalued, with 8 additional key insights available to subscribers. The company maintains a FAIR financial health score, though InvestingPro analysis reveals significant stock price volatility.
In other recent news, Kosmos Energy is in the spotlight following several significant developments. Benchmark recently maintained its Buy rating on Kosmos Energy with a $7 target, adjusting its fourth-quarter earnings per share (EPS) and earnings before interest, taxes, depreciation, and amortization (EBITDA) estimates for the company to $0.00 and $169 million, respectively. This revision was due to lower mark-to-market commodities and the delay of the first liquefied natural gas (LNG) volumes to the first quarter of 2025.
Kosmos Energy announced the first gas to the floating production storage and offloading (FPSO) unit and the floating LNG facility, with plans to deliver the first LNG cargo within the first quarter of 2025. However, production at the Jubilee field continues to decline, leading to a reduction of half a cargo from first-quarter estimates.
Jefferies resumed coverage on Kosmos Energy, assigning a Buy rating and setting a price target of $5.60 per share, despite the delay in the commencement of gas production at the Tortue field. Meanwhile, Kosmos Energy confirmed it does not intend to make a firm offer for Tullow Oil (LON:TLW) at this time, causing its shares to surge.
Despite the potential merger with Tullow Oil, Benchmark reiterated its Buy rating on Kosmos Energy, emphasizing the anticipated start-up of the Greater Tortue Ahmeyim (GTA) project as a positive development. These are the recent developments in Kosmos Energy’s trajectory.
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