Forest Oil Corp. (FST:US), the Denver-based producer of oil and natural gas in Texas and adjacent states, fell the most in more than two months after first-quarter profit missed the average estimate of analysts by 9 cents a share.
Forest fell 11 percent to $11.88 at the close in New York, the biggest drop since Feb. 22. Before today, the shares declined 1.7 percent this year.
Forest yesterday reported profit fell 39 percent to $13 million, or 11 cents a share, from the 2011 first quarter after excluding a writedown of natural-gas properties in Italy and one-time gains. The company was expected (FST:US) to earn 20 cents, according to the average of 22 analysts’ estimates compiled by Bloomberg.
Revenue fell 4.8 percent to $158.9 million, according to the statement.
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