# Kosmos Energy Ltd. (KOS)

> Source: Nexqual · https://nexqual.com/KOS · data as of 2026-10-23 13:30 UTC · cite as "Nexqual, Kosmos Energy Ltd. (KOS), nexqual.com/KOS" · informational, not investment advice.

**Price:** USD 2.77 (+2.22% today) · US market open, as of October 23, 2026 at 13:30 UTC; quotes may be delayed. Prev close 2.71 · day 2.75–2.77 · 52w 0.84–3.34 · market cap $1.65B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.58B, net income -$542M (-34.2% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $689K; 3 not under a Rule 10b5-1 plan ($343K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.77 on a 1–5 scale) (13 analysts), mean target USD 3.01 (range 1.9–4.7).
- Total return with dividends: 1Y +71.7% vs S&P 500 +14.9%; 5Y -23.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.12, revenue estimate $420M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.34B | $2.26B | $1.72B | $1.68B | $1.29B | $1.58B |
| Net income | -$77.8M | $227M | $214M | $190M | -$700M | -$542M |
| EPS (diluted) | -$0.19 | $0.48 | $0.44 | $0.40 | -$1.47 | — |
| Free cash flow | -$550M | $519M | — | — | — | — |
| Net margin | -5.8% | 10.0% | 12.4% | 11.3% | -54.3% | -34.2% |
| Revenue growth | +66.6% | +68.7% | -23.9% | -2.5% | -23.1% | — |
| Cash + short-term investments | $132M | $183M | $95.3M | $85.0M | $91.5M | — |
| Total debt | $2.62B | $2.23B | $2.39B | $2.74B | $3.05B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.0x · EV/Sales 2.7x · P/B 2.3x · Earnings yield -32.93% · Net debt $2.57B · EV $4.22B
P/E at fiscal year-ends: Dec 2024 8.6x, Dec 2023 15.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-02 | Inglis Andrew G | Chairman and CEO | 85,935 | $176K | 1.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Shah Nealesh D. | SVP and CFO | 45,980 | $94K | 2.3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Marion Josh R. | SVP and General Counsel | 24,969 | $51K | 9.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-02 | Glass Ronald W. | VP & Chief Accounting Officer | 12,128 | $25K | 3.3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-28 | Franklin Roy A. | Director | 43,466 | $119K | 17% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-27 | Grant John Douglas Kelso | Director | 43,466 | $119K | 23.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-27 | Sterin Steven | Director | 38,636 | $105K | 8.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.77 on a 1–5 scale), 13 analysts; mean target USD 3.01 (low 1.9, high 4.7).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-21 | Stephens & Co. | Target lowered | Equal-Weight | $3 → $2.4 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +71.7% | -23.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +71.8% | -5.2% |
| Volatility (annualized) | 85.7% | 65.7% |
| Max drawdown | -47.9% (Oct 2025→Dec 2025) | -89.6% (May 2022→Dec 2025) |

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.71 +0.82% · BTE (Baytex Energy Corp) USD 5.37 +0.94% · CRK (Comstock Resources, Inc.) USD 14.12 +1.05% · CRC (California Resources Corporatio) USD 52.96 -1.08% · CRGY (Crescent Energy Company) USD 13.38 +0.38% · CNX (CNX Resources Corporation) USD 35.73 +1.62%

## More
Full page: https://nexqual.com/KOS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KOS's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1509991/000150999126000017/kos-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Occidental Petroleum | "Kosmos continues to progress the development plan with our partner Occidental Petroleum Corporation ("Oxy") (50% working interest)." |
| Partner | Tullow Oil | "Tullow, BP, and Trident, our partners and the operators, respectively, of (i) the Jubilee Unit and the TEN Fields offshore Ghana, (ii) the Greater Tortue Ahmeyim Field offshore Mauritania and Senegal, and (iii) the Ceiba…" |
| Partner | Oil Spill Response | "Tullow, BP, and Trident, our partners and the operators, respectively, of (i) the Jubilee Unit and the TEN Fields offshore Ghana, (ii) the Greater Tortue Ahmeyim Field offshore Mauritania and Senegal, and (iii) the Ceiba…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Ghana | $356.6M | 58.7% | +74.2% |
| Gulf of America | $111.4M | 18.4% | +8.1% |
| Mauritania/Senegal | $92.1M | 15.2% | +354.9% |
| Equatorial Guinea | $47.2M | 7.8% | -27.0% |
| Total revenue | $607.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 77%, 18% of revenue from unnamed direct customers (10-Q, filed 2026-08-03).

## Company outlook (8-K filed 2026-08-03)

- "Guidance excludes Equatorial Guinea from June 17, 2026 following the sale of the assets."
- "(1) 3Q 2026 net cargo forecast – Ghana: 2.75 cargos."
- "(2) 3Q 2026 gross cargo forecast - Mauritania & Senegal: 8 cargos."
- "Kosmos expects 0.4 net condensate cargos in 3Q26 (3) Gulf of America Production: 3Q 2026 forecast 13,000 - 15,000 boe per day."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.09 | +32.6% | $420.4M | 5 |
| Next quarter (ends 2026-12-31) | $0.11 | $0.05 | +106.3% | $429.1M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.27 | $0.27 | -0.9% | $1.77B | 4 |
| Next fiscal year (ends 2027-12-31) | $0.47 | $0.23 | +100.8% | $1.65B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±17.6%; last 8 reports averaged ±5.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 75.9% | ±17.6% |
| 2026-12-18 | 56 | 69.3% | ±25.0% |
| 2027-01-15 | 84 | 72.3% | ±27.8% |
| 2027-04-16 | 175 | 76.2% | ±40.7% |