Robert W. Baird reaffirmed their outperform rating on shares of Cimarex Energy (NYSE:XEC) in a research report sent to investors on Wednesday, June 5th, The Fly reports. Robert W. Baird currently has a $82.00 price objective on the oil and gas producer’s stock, down from their prior price objective of $110.00.
A number of other equities research analysts have also recently weighed in on the company. SunTrust Banks upgraded Cimarex Energy from a hold rating to a buy rating and upped their price objective for the stock from $75.00 to $85.00 in a research note on Monday, May 20th. Morgan Stanley set a $100.00 price target on Cimarex Energy and gave the company a buy rating in a research note on Thursday, May 16th. Capital One Financial cut Cimarex Energy from an overweight rating to an equal weight rating in a research note on Wednesday, March 20th. Evercore ISI cut Cimarex Energy from an outperform rating to an in-line rating in a research note on Tuesday, March 12th. Finally, Wells Fargo & Co began coverage on Cimarex Energy in a research note on Monday, May 20th. They issued a market perform rating and a $86.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Cimarex Energy has a consensus rating of Hold and an average target price of $99.89.
XEC traded up $1.57 during trading on Wednesday, hitting $59.33. 1,835,300 shares of the stock were exchanged, compared to its average volume of 1,457,948. Cimarex Energy has a 1 year low of $53.45 and a 1 year high of $103.91. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 8.02 and a beta of 1.36. The stock has a 50 day moving average price of $60.72. 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 also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Wednesday, August 14th. Cimarex Energy’s dividend payout ratio is presently 10.81%.
Several hedge funds have recently made changes to their positions in XEC. Strs Ohio increased its holdings in shares of Cimarex Energy by 3.7% in the fourth quarter. Strs Ohio now owns 10,261 shares of the oil and gas producer’s stock valued at $632,000 after purchasing an additional 365 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cimarex Energy by 1.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,779 shares of the oil and gas producer’s stock worth $1,404,000 after acquiring an additional 431 shares during the period. Royal London Asset Management Ltd. grew its holdings in Cimarex Energy by 3.9% during the fourth quarter. Royal London Asset Management Ltd. now owns 39,784 shares of the oil and gas producer’s stock worth $2,437,000 after acquiring an additional 1,481 shares during the period. First Manhattan Co. grew its holdings in Cimarex Energy by 15.7% during the fourth quarter. First Manhattan Co. now owns 4,425 shares of the oil and gas producer’s stock worth $272,000 after acquiring an additional 600 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Cimarex Energy by 42.9% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 21,645 shares of the oil and gas producer’s stock worth $1,334,000 after acquiring an additional 6,500 shares during the period. 93.28% of the stock is currently owned by institutional investors and hedge funds.
About Cimarex Energy
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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