Canaccord Genuity Initiates Coverage on Cimarex Energy (XEC)
Equities researchers at Canaccord Genuity began coverage on shares of Cimarex Energy (NYSE:XEC) in a research report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $99.00 price target on the stock. Canaccord Genuity’s price target would suggest a potential upside of 11.39% from the stock’s previous close.
The analysts wrote, “XEC has led the industry in the evolution of the Delaware Basin. In addition to successful exploration, development, and production from the 2nd Bone Spring trend in Eddy/Lea counties, XEC has continued to test the limits of the basin and has now developed 3rd Bone Spring and Wolfcamp trends as well. Today, XEC’s Permian portfolio comprises an inventory of all three Bone Spring sands, Avalon and Wolfcamp shales, and Cisco/Canyon formations. In a complex, multi-stratigraphic, discontinuous basin like the Delaware, the learning curve is steep, and in our opinion XEC is relatively ahead of the curve vs. its peers. We believe it will stay among the leaders as it tests stacked laterals, new benches, downspacing, etc., in the near term.”
Shares of Cimarex Energy (NYSE:XEC) traded down 0.62% on Tuesday, hitting $88.33. 143,565 shares of the company’s stock traded hands. Cimarex Energy has a 52-week low of $55.74 and a 52-week high of $89.91. The stock’s 50-day moving average is $80.17 and its 200-day moving average is $73.44. The company has a market cap of $7.641 billion and a P/E ratio of 19.16.
Cimarex Energy (NYSE:XEC) last released its earnings data on Wednesday, August 7th. The company reported $1.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.25 by $0.12. The company had revenue of $493.76 million for the quarter, compared to the consensus estimate of $467.55 million. During the same quarter in the prior year, the company posted $0.79 earnings per share. The company’s quarterly revenue was up 39.8% on a year-over-year basis. On average, analysts predict that Cimarex Energy will post $5.27 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James upgraded shares of Cimarex Energy (NYSE:XEC) from a “market perform” rating to an “outperform” rating in a research note to investors on Monday. Separately, analysts at Morgan Stanley upgraded shares of Cimarex Energy (NYSE:XEC) from an “equal weight” rating to an “overweight” rating in a research note to investors on Monday. They now have a $105.00 price target on the stock, up previously from $79.00. Finally, analysts at FBR & Co. upgraded shares of Cimarex Energy (NYSE:XEC) from a “market perform” rating to an “outperform” rating in a research note to investors on Tuesday, August 27th.
Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $88.87.
In other Cimarex Energy news, VP Gary R. Abbott sold 4,900 shares of Cimarex Energy stock on the open market in a transaction dated Monday, September 9th. The shares were sold at an average price of $88.00, for a total transaction of $431,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Cimarex Energy Co is an oil and gas exploration and production company. Its operations are focused in two main areas: the Mid-Continent region and the Permian Basin.
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