Research analysts at Topeka Capital Markets started coverage on shares of Cimarex Energy (NYSE: XEC) in a research note issued to investors on Wednesday. The firm set a “hold” rating and a $80.00 price target on the stock.
The analysts wrote, “XEC has a strong inventory of organically generated drilling locations across the Permian Basin and Mid-Continent region (particularly in the CanaWoodford), but following the recent move [up 31.8% year-to-date vs. the PHLX SIG Oil Exploration and Production (EPX – $423.68) which is up 9.6%], we see a less attractive value proposition at the current share price. We believe success in extending the Wolfcamp and 2nd Bone Spring play into the Southern Delaware Basin and/or success in its new ventures in the Mid-Continent region may drive our RNAV upward and multiple expansion, resulting in a potential re-rating.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Cimarex Energy in a research note to investors on Friday, March 22nd. They now have a $99.00 price target on the stock, up previously from $80.00. Separately, analysts at FBR Capital downgraded shares of Cimarex Energy from an “outperform” rating to a “market perform” rating in a research note to investors on Wednesday, March 20th. They now have a $72.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Susquehanna raised their price target on shares of Cimarex Energy from $64.00 to $78.00 in a research note to investors on Tuesday, March 19th.
Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $80.50.
Shares of Cimarex Energy (NYSE: XEC) traded down 1.06% during mid-day trading on Wednesday, hitting $75.27. Cimarex Energy has a 52 week low of $46.19 and a 52 week high of $79.69. The stock’s 50-day moving average is currently $69.73. The company has a market cap of $6.504 billion and a P/E ratio of 18.64.
Cimarex Energy (NYSE: XEC) last announced its earnings results on Tuesday, February 19th. The company reported $1.14 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.01 by $0.13. The company had revenue of $440.88 million for the quarter, compared to the consensus estimate of $430.23 million. During the same quarter in the previous year, the company posted $1.36 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts expect that Cimarex Energy will post $4.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend is Monday, May 13th. This is a positive change from Cimarex Energy’s previous quarterly dividend of $0.12.
Cimarex Energy Co is an independent oil and gas exploration and production company. The Company’s exploration and development (NYSE: XEC) activities have been conducted primarily within two main areas: the Mid-Continent region and the Permian Basin.