Cimarex Energy (NYSE:XEC) Upgraded to Overweight at Barclays

Cimarex Energy (NYSE:XEC) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Tuesday, Marketbeat.com reports.

XEC has been the subject of a number of other reports. Stifel Nicolaus lowered Cimarex Energy from a “buy” rating to a “hold” rating and dropped their price target for the company from $106.00 to $18.00 in a research report on Monday, March 9th. Wells Fargo & Co dropped their price target on Cimarex Energy from $51.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 19th. Cowen upgraded Cimarex Energy from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $40.00 to $35.00 in a research report on Wednesday, March 11th. Morgan Stanley upgraded Cimarex Energy from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $55.00 to $26.00 in a research report on Monday, March 16th. Finally, Bank of America lowered Cimarex Energy from a “neutral” rating to an “underperform” rating in a research report on Monday. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $47.47.

Shares of XEC stock traded up $0.21 during trading hours on Tuesday, reaching $16.97. The company had a trading volume of 2,072,056 shares, compared to its average volume of 3,276,191. 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 fifty day moving average of $29.82 and a 200-day moving average of $43.16. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of -7.89 and a beta of 1.57. Cimarex Energy has a 12-month low of $12.15 and a 12-month high of $72.46.

Cimarex Energy (NYSE:XEC) last posted its quarterly earnings results on Wednesday, February 19th. The oil and gas producer reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.06). The company had revenue of $657.20 million during the quarter, compared to analysts’ expectations of $626.54 million. Cimarex Energy had a negative net margin of 8.80% and a positive return on equity of 10.97%. Cimarex Energy’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $1.98 earnings per share. On average, analysts forecast that Cimarex Energy will post 3.33 EPS for the current year.

In other news, CEO Thomas E. Jorden purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were bought at an average cost of $16.28 per share, for a total transaction of $162,800.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Joseph R. Albi sold 2,500 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. The disclosure for this sale can be found here. Insiders purchased 24,971 shares of company stock valued at $440,279 over the last quarter. 1.70% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in XEC. Boston Partners lifted its stake in Cimarex Energy by 16.6% during the third quarter. Boston Partners now owns 8,128,250 shares of the oil and gas producer’s stock worth $389,412,000 after purchasing an additional 1,155,738 shares in the last quarter. Norges Bank acquired a new stake in shares of Cimarex Energy in the fourth quarter valued at $50,243,000. Principal Financial Group Inc. raised its stake in shares of Cimarex Energy by 25.5% in the fourth 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 acquiring an additional 407,565 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of Cimarex Energy in the fourth quarter valued at $15,022,000. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Cimarex Energy by 99.5% in the third quarter. Parametric Portfolio Associates LLC now owns 529,348 shares of the oil and gas producer’s stock valued at $25,377,000 after acquiring an additional 264,027 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

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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Analyst Recommendations for Cimarex Energy (NYSE:XEC)

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