Barclays Upgrades Cimarex Energy (NYSE:XEC) to Overweight

Cimarex Energy (NYSE:XEC) was upgraded by equities research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report released on Tuesday, MarketBeat Ratings reports.

Several other research analysts also recently weighed in on the company. Morgan Stanley upgraded Cimarex Energy from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $55.00 to $26.00 in a research note on Monday, March 16th. Cowen upgraded Cimarex Energy from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $40.00 to $35.00 in a research note on Wednesday, March 11th. BMO Capital Markets upgraded Cimarex Energy from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a research note on Monday, March 16th. Wells Fargo & Co dropped their target price on Cimarex Energy from $51.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 19th. Finally, ValuEngine downgraded Cimarex Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, March 3rd. Three analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. Cimarex Energy presently has a consensus rating of “Hold” and a consensus target price of $47.47.

XEC stock traded up $0.21 on Tuesday, hitting $16.97. 2,072,056 shares of the company’s stock were exchanged, compared to its average volume of 3,276,191. Cimarex Energy has a 12-month low of $12.15 and a 12-month high of $72.46. The firm has a 50 day moving average price of $29.82 and a two-hundred day moving average price of $43.16. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.76 and a current ratio of 0.82. The stock has a market cap of $1.65 billion, a P/E ratio of -7.89 and a beta of 1.57.

Cimarex Energy (NYSE:XEC) last announced its earnings results on Wednesday, February 19th. The oil and gas producer reported $1.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.24 by ($0.06). Cimarex Energy had a positive return on equity of 10.97% and a negative net margin of 8.80%. The business had revenue of $657.20 million for the quarter, compared to analysts’ expectations of $626.54 million. During the same quarter last year, the firm earned $1.98 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts expect that Cimarex Energy will post 3.33 earnings per share for the current fiscal year.

In other news, COO Joseph R. Albi sold 2,500 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas E. Jorden acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $16.28 per share, with a total value of $162,800.00. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 24,971 shares of company stock worth $440,279. Company insiders own 1.70% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Boston Partners lifted its holdings in shares of Cimarex Energy by 16.6% in the 3rd quarter. Boston Partners now owns 8,128,250 shares of the oil and gas producer’s stock valued at $389,412,000 after buying an additional 1,155,738 shares during the period. State Street Corp lifted its holdings in shares of Cimarex Energy by 4.6% in the 3rd quarter. State Street Corp now owns 5,840,318 shares of the oil and gas producer’s stock valued at $279,985,000 after buying an additional 259,351 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Cimarex Energy by 25.5% in the 4th quarter. Principal Financial Group Inc. now owns 2,004,838 shares of the oil and gas producer’s stock valued at $105,233,000 after buying an additional 407,565 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cimarex Energy by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 1,679,989 shares of the oil and gas producer’s stock valued at $88,065,000 after buying an additional 65,464 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Cimarex Energy by 5.5% in the 4th quarter. Bank of New York Mellon Corp now owns 991,446 shares of the oil and gas producer’s stock valued at $52,041,000 after buying an additional 51,797 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Cimarex Energy Company Profile

Cimarex Energy Co operates as an independent oil and gas exploration and production company primarily in Oklahoma, Texas, and New Mexico. As of December 31, 2018, it had a total proved reserves of 591.2 million barrels of oil equivalent, consisting of 1.59 trillion cubic feet of natural gas; 146.5 million barrels (MMBbls) of oil; and 179.4 MMBbls of natural gas liquids primarily located in the Permian Basin and Mid-Continent regions.

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Analyst Recommendations for Cimarex Energy (NYSE:XEC)

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