The Houston-based ATP Oil & Gas Corporation (NASDAQ:ATPG) filed for bankruptcy in the face of falling outlook and a threatening $89 million interest expense. The corporation agreed a $700 million revolving credit facility prior to making the filing.
The Chapter 11 petition described $3.6 billion in assets and $3.5 billion in borrowing. The filing in United States Bankruptcy Court in the Southern District of Texas comes after Standard & Poor’s downgraded the corporation to CCC on Aug 1, labeling it vulnerable to default.
ATP Oil & Gas has faced production delays as it links to remove more oil from wells in the Gulf of Mexico. It has $1.5 billion of 11.875% notes as May 2015. In lowering the corporation’s credit rating, Standard & Poor’s reported ATP was not have money for the coupon payment on the notes and other intended spending unless it receives outside financing.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Energy Partners, Ltd (NYSE:EPL) fell -0.91% to settle at $17.45, Cobalt International Energy, Inc (NYSE:CIE) moved down -0.54% to end at $23.90 while Contango Oil & Gas Company (NYSE:MCF) jumped +0.37% to finish on Friday at $56.37.
ATP Oil & Gas Corporation (NASDAQ:ATPG) on Aug 17, 2012 increased +8.71% to the closing price of $0.459. The overall volume in the last trading session was 3.00 million shares. Its fifty two week range was $0.31-$3.87. The total market capitalization remained $23.96 million.
ATPG is ahead its 52 week low with 48.16% and looking forward from its 52 week high price with -96.83%. ATPG last month stock price volatility remained 38.83%. In its share capital ATPG has 52.20 million outstanding shares among them 44.81 million shares have been floated in market exchange. ATPG stock institutional ownership remained 50.10% while insider ownership included 13.61%.
The stock price of ATPG is moving down from its 20 days moving average with -66.98% and remote negatively from 50 days moving average with -83.99%. ATPG current year earnings per share experienced an addition with 40.08% while its current quarter performance remained -90.80%. Company’s beta coefficient included 2.66. Beta factors measures the amount of market risk associated with market trade.
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