Wells Fargo & Co Initiates Coverage on Cimarex Energy (NYSE:XEC)

Wells Fargo & Co initiated coverage on shares of Cimarex Energy (NYSE:XEC) in a research note published on Monday, May 20th, BenzingaRatingsTable reports. The firm issued a market perform rating and a $86.00 price target on the oil and gas producer’s stock.

A number of other brokerages also recently issued reports on XEC. Mizuho assumed coverage on shares of Cimarex Energy in a report on Tuesday, January 29th. They issued a neutral rating and a $80.00 price target for the company. Morgan Stanley set a $109.00 price objective on shares of Cimarex Energy and gave the company a buy rating in a research note on Tuesday, January 29th. Ifs Securities reissued a market perform rating on shares of Cimarex Energy in a research note on Sunday, February 3rd. Imperial Capital reissued an outperform rating and issued a $83.00 price objective (up from $79.00) on shares of Cimarex Energy in a research note on Friday, February 22nd. Finally, Williams Capital set a $104.00 price objective on shares of Cimarex Energy and gave the company a buy rating in a research note on Tuesday, January 22nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $104.17.

Cimarex Energy stock traded down $2.06 during trading hours on Monday, reaching $54.60. 1,514,681 shares of the stock were exchanged, compared to its average volume of 1,454,255. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.59 and a current ratio of 0.66. The company has a market cap of $5.68 billion, a P/E ratio of 7.38 and a beta of 1.36. Cimarex Energy has a 52-week low of $53.79 and a 52-week high of $103.91.

Cimarex Energy (NYSE:XEC) last announced its quarterly earnings results on Wednesday, May 8th. The oil and gas producer reported $1.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.37 by ($0.17). The company had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $581.51 million. Cimarex Energy had a net margin of 26.90% and a return on equity of 19.95%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.82 EPS. As a group, equities analysts predict that Cimarex Energy will post 6.06 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, August 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.47%. Cimarex Energy’s dividend payout ratio is currently 10.81%.

Several institutional investors and hedge funds have recently bought and sold shares of XEC. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Cimarex Energy in the fourth quarter worth $26,000. Quantamental Technologies LLC acquired a new position in Cimarex Energy in the first quarter worth $31,000. First Bank & Trust acquired a new position in Cimarex Energy in the fourth quarter worth $28,000. Nvwm LLC boosted its holdings in Cimarex Energy by 462.0% in the first quarter. Nvwm LLC now owns 517 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 425 shares during the period. Finally, CSat Investment Advisory L.P. boosted its holdings in Cimarex Energy by 77.7% in the fourth quarter. CSat Investment Advisory L.P. now owns 549 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 240 shares during the period. Institutional investors own 93.59% of the company’s stock.

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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