Monster Energy supercross: Monster Energy stock plunges 11% amid energy stock selloff
Monster Energy Inc. (NYSE:MEG) reported a 13% drop in first-quarter net income to $1.09 billion after a major selloff in energy stocks, after analysts cut their outlook for the company and analysts said the company’s market value could fall as much as 70%.
Shares of the energy company, which has been struggling with a high-profile power outage in the aftermath of Superstorm Sandy, slid more than 10% to $20.30 after the company reported second-quarter earnings.
The stock is now down more than 20% in the past three months.
Monster Energy’s stock has been down more often than not in recent years.
It was down nearly 12% in April 2018.
But the stock has gained nearly 8% in 2019.
Its price fell more than 9% in October 2019 after President Donald Trump said he would not pull the United States out of the Paris climate accord, which he has criticized.
In October 2018, the stock was down about 12% from its high of $41.20, a month before Trump announced the U.S. would withdraw from the accord.