Kodiak Gas Services, Inc.'s stock plummeted by 11.76% during Thursday's trading session, as the company reported disappointing fourth-quarter earnings results that missed Wall Street expectations.
According to the earnings summary, Kodiak Gas Services reported adjusted earnings per share of $0.20 for the quarter ended December 31, significantly lower than the analyst consensus estimate of $0.38 per share. The company's quarterly revenue of $309.52 million also fell short of expectations at $323.68 million.
The earnings miss appears to be the primary driver behind the stock's sharp decline on Thursday. Analysts had high expectations for Kodiak Gas Services' Q4 performance, with 11 out of 13 analysts issuing a "buy" or "strong buy" rating on the stock prior to the earnings release.
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