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Cimarex Energy (NYSE:XEC) was upgraded by equities research analysts at KLR Group from a “hold” rating to an “accumulate” rating in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $156.00 price objective on the stock, up from their previous price objective of $4.00. KLR Group’s target price points to a potential upside of 12.40% from the company’s current price.

The analysts wrote, “Cimarex’s growth drivers include the Permian Basin Bone Spring/Wolfcamp Shale. Cimarex should exhibit ~26% production growth in ’14. Our 3Q/14 production expectation of ~934 Mmcfepd is slightly above the midpoint of company guidance (920-945 Mmcfepd). Our ’14 production expectation of ~871 Mmcfepd is slightly above the midpoint of guidance (860-875 Mmcfepd).”

Cimarex Energy (NYSE:XEC) traded up 3.47% during mid-day trading on Friday, hitting $138.79. 1,150,212 shares of the company’s stock traded hands. Cimarex Energy has a 1-year low of $77.87 and a 1-year high of $150.71. The stock has a 50-day moving average of $141.8 and a 200-day moving average of $123.9. The company has a market cap of $12.078 billion and a P/E ratio of 18.50.

Cimarex Energy (NYSE:XEC) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.71 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.71. The company had revenue of $636.67 million for the quarter, compared to the consensus estimate of $645.80 million. During the same quarter in the previous year, the company posted $1.37 earnings per share. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, analysts predict that Cimarex Energy will post $7.03 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Howard Weil raised their price target on shares of Cimarex Energy from $182.00 to $211.00 in a research note on Thursday. They now have a “sector outperform” rating on the stock. Separately, analysts at ISI Group downgraded shares of Cimarex Energy from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, analysts at Topeka Capital Markets raised their price target on shares of Cimarex Energy from $146.00 to $150.00 in a research note on Wednesday. They now have a “hold” rating on the stock. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Cimarex Energy currently has a consensus rating of “Buy” and a consensus price target of $149.90.

Cimarex Energy Co, is an oil and gas exploration and production company. The Company’s operations are focused in two main areas: the Mid-Continent region and the Permian Basin.

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