Cimarex Energy Co (XEC) Downgraded by Wolfe Research

Wolfe Research cut shares of Cimarex Energy Co (NYSE:XEC) from an outperform rating to a market perform rating in a research report released on Thursday morning.

Several other equities analysts also recently issued reports on XEC. Barclays PLC restated an overweight rating and issued a $129.00 price objective (down previously from $139.00) on shares of Cimarex Energy in a research note on Saturday, April 22nd. KLR Group restated a buy rating and issued a $151.00 price objective (up previously from $149.00) on shares of Cimarex Energy in a research note on Wednesday, May 17th. Citigroup Inc. restated a buy rating and issued a $166.00 price objective (up previously from $164.00) on shares of Cimarex Energy in a research note on Saturday, April 22nd. BMO Capital Markets upped their price objective on shares of Cimarex Energy from $160.00 to $170.00 and gave the company an outperform rating in a research note on Tuesday, February 21st. Finally, Jefferies Group LLC restated a hold rating and issued a $123.00 price objective on shares of Cimarex Energy in a research note on Tuesday, April 18th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Cimarex Energy has a consensus rating of Buy and a consensus target price of $144.29.

Shares of Cimarex Energy (NYSE:XEC) opened at 93.45 on Thursday. Cimarex Energy has a 52-week low of $92.58 and a 52-week high of $146.96. The stock has a 50 day moving average price of $109.86 and a 200-day moving average price of $124.39. The firm’s market cap is $8.73 billion.

Cimarex Energy (NYSE:XEC) last issued its earnings results on Wednesday, May 10th. The oil and gas producer reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.20. The firm had revenue of $447.20 million during the quarter, compared to the consensus estimate of $423.62 million. Cimarex Energy had a negative net margin of 7.78% and a positive return on equity of 9.03%. The company’s revenue was up 85.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. On average, equities analysts anticipate that Cimarex Energy will post $4.66 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.34%. Cimarex Energy’s dividend payout ratio (DPR) is -25.20%.

In other news, VP Stephen P. Bell sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $117.24, for a total transaction of $586,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas E. Jorden sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $116.40, for a total transaction of $291,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,538 shares of company stock valued at $1,001,760. Corporate insiders own 1.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Cimarex Energy by 8.5% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 882 shares of the oil and gas producer’s stock worth $122,000 after buying an additional 69 shares during the period. Global X Management Co. LLC boosted its position in shares of Cimarex Energy by 14.1% in the first quarter. Global X Management Co. LLC now owns 1,103 shares of the oil and gas producer’s stock worth $132,000 after buying an additional 136 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Cimarex Energy during the first quarter worth $169,000. Winch Advisory Services LLC acquired a new position in shares of Cimarex Energy during the first quarter worth $186,000. Finally, Parallel Advisors LLC acquired a new position in shares of Cimarex Energy during the fourth quarter worth $217,000. 93.12% of the stock is owned by institutional investors and hedge funds.

Cimarex Energy Company Profile

Cimarex Energy Co is an independent oil and gas exploration and production company. The Company operates in exploration and production (E&P) segment. Its operations are located in Oklahoma, Texas and New Mexico. Its E&P activities take place primarily in two areas: the Permian Basin and the Mid-Continent region.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “XEC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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