Galp Energia SGPS (OTCMKTS:GLPEY) Shares Down 11.3% After Earnings Miss

Galp Energia SGPS SA (OTCMKTS:GLPEY) shares fell 11.3% on Tuesday following a dissappointing earnings announcement. The company traded as low as $11.38 and last traded at $11.38. Approximately 259 shares were traded during mid-day trading, a decline of 100% from the average session volume of 89,346 shares. The stock had previously closed at $12.83.

The energy company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.36). Galp Energia SGPS had a net margin of 5.43% and a return on equity of 30.13%. The company had revenue of $9.06 billion for the quarter, compared to analysts’ expectations of $9.38 billion.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on GLPEY shares. BNP Paribas Exane downgraded Galp Energia SGPS to a “neutral” rating in a research note on Tuesday. Citigroup reissued a “neutral” rating on shares of Galp Energia SGPS in a report on Tuesday, October 13th. HSBC restated a “hold” rating on shares of Galp Energia SGPS in a research note on Friday, September 25th. Morgan Stanley reaffirmed an “overweight” rating on shares of Galp Energia SGPS in a report on Friday, September 4th. Finally, Zacks Research upgraded Galp Energia SGPS from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Galp Energia SGPS currently has an average rating of “Moderate Buy”.

Galp Energia SGPS Stock Performance

The firm has a 50-day moving average of $12.44 and a two-hundred day moving average of $11.36. The company has a quick ratio of 1.20, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $15.45 billion and a PE ratio of 13.23.

About Galp Energia SGPS

Galp Energia SGPS, SA is a Portuguese integrated energy company with activities spanning exploration and production, refining, trading, and the distribution and sale of energy products. The company supplies fuels, natural gas, electricity, lubricants, and other energy-related products to retail, commercial, and industrial customers.

Galp’s upstream business focuses on the exploration, development, and production of crude oil and natural gas, with a significant presence in Brazil and interests in other international projects.