Cimarex Energy Co (NYSE:XEC) had its price target raised by Morgan Stanley from $138.00 to $168.00 in a research note issued to investors on Wednesday, October 18th. The firm currently has an overweight rating on the oil and gas producer’s stock.
XEC has been the subject of a number of other reports. Stifel Nicolaus reaffirmed a buy rating and set a $169.00 price target on shares of Cimarex Energy in a research report on Friday, July 14th. Citigroup Inc. decreased their price objective on shares of Cimarex Energy from $135.00 to $120.00 and set a buy rating for the company in a research report on Friday, July 21st. Imperial Capital started coverage on shares of Cimarex Energy in a research report on Tuesday, September 19th. They issued an outperform rating and a $135.00 price objective for the company. Barclays PLC upped their price objective on shares of Cimarex Energy from $117.00 to $132.00 and gave the company an overweight rating in a research report on Wednesday, October 11th. Finally, Scotiabank set a $143.00 price objective on shares of Cimarex Energy and gave the company a buy rating in a research report on Saturday, July 1st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $136.18.
Shares of Cimarex Energy (XEC) traded up 0.781% during midday trading on Wednesday, reaching $114.245. The company had a trading volume of 96,921 shares. The firm’s 50 day moving average price is $111.56 and its 200-day moving average price is $105.81. The stock has a market capitalization of $10.67 billion, a price-to-earnings ratio of 40.919 and a beta of 1.35. Cimarex Energy has a 1-year low of $89.49 and a 1-year high of $146.96.
Cimarex Energy (NYSE:XEC) last issued its quarterly earnings results on Tuesday, August 8th. The oil and gas producer reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.11. Cimarex Energy had a return on equity of 13.29% and a net margin of 15.64%. The company had revenue of $456.50 million during the quarter, compared to the consensus estimate of $441.52 million. During the same period in the previous year, the firm posted $0.07 EPS. Cimarex Energy’s revenue was up 52.7% on a year-over-year basis. Equities research analysts expect that Cimarex Energy will post $4.27 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.28%. Cimarex Energy’s dividend payout ratio is currently 12.03%.
In other Cimarex Energy news, Director Harold R. Logan, Jr. sold 913 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $105.83, for a total value of $96,622.79. Following the sale, the director now directly owns 9,299 shares in the company, valued at approximately $984,113.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joseph R. Albi sold 4,000 shares of Cimarex Energy stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $106.13, for a total transaction of $424,520.00. The disclosure for this sale can be found here. Insiders have sold a total of 21,299 shares of company stock worth $2,204,271 in the last 90 days. 1.70% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of XEC. PNC Financial Services Group Inc. grew its holdings in Cimarex Energy by 6.9% during the first quarter. PNC Financial Services Group Inc. now owns 12,469 shares of the oil and gas producer’s stock valued at $1,490,000 after purchasing an additional 802 shares during the period. Global X Management Co. LLC grew its holdings in Cimarex Energy by 14.1% during the first quarter. Global X Management Co. LLC now owns 1,103 shares of the oil and gas producer’s stock valued at $132,000 after purchasing an additional 136 shares during the period. MARSHALL WACE ASIA Ltd acquired a new position in Cimarex Energy during the first quarter valued at approximately $2,458,000. Cambridge Investment Research Advisors Inc. acquired a new position in Cimarex Energy during the first quarter valued at approximately $230,000. Finally, Morgan Stanley boosted its holdings in shares of Cimarex Energy by 154.8% in the first quarter. Morgan Stanley now owns 382,356 shares of the oil and gas producer’s stock valued at $45,688,000 after buying an additional 232,290 shares during the period. Hedge funds and other institutional investors own 89.97% of the company’s stock.
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.
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