Zacks: Analysts Anticipate Cimarex Energy Co (XEC) Will Announce Quarterly Sales of $451.17 Million
Wall Street brokerages expect that Cimarex Energy Co (NYSE:XEC) will post $451.17 million in sales for the current quarter, Zacks Investment Research reports. Twenty Six analysts have provided estimates for Cimarex Energy’s earnings. The highest sales estimate is $500.54 million and the lowest is $426.40 million. Cimarex Energy posted sales of $335.72 million during the same quarter last year, which would suggest a positive year over year growth rate of 34.4%. The firm is expected to issue its next earnings results after the market closes on Tuesday, November 7th.
According to Zacks, analysts expect that Cimarex Energy will report full year sales of $451.17 million for the current year, with estimates ranging from $1.75 billion to $1.91 billion. For the next fiscal year, analysts forecast that the business will post sales of $2.20 billion per share, with estimates ranging from $1.65 billion to $2.66 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Cimarex Energy.
Cimarex Energy (NYSE:XEC) last released its quarterly earnings results on Tuesday, August 8th. The oil and gas producer reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.11. The business had revenue of $456.50 million during the quarter, compared to analysts’ expectations of $441.52 million. Cimarex Energy had a return on equity of 13.29% and a net margin of 15.64%. The firm’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 EPS.
XEC has been the subject of a number of research analyst reports. Stifel Nicolaus reissued a “buy” rating on shares of Cimarex Energy in a report on Wednesday, June 28th. Scotiabank set a $143.00 target price on Cimarex Energy and gave the company a “buy” rating in a report on Saturday, July 1st. Jefferies Group LLC reissued a “hold” rating and set a $119.00 target price on shares of Cimarex Energy in a report on Thursday, July 6th. Citigroup Inc. reduced their target price on Cimarex Energy from $150.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, July 13th. Finally, BidaskClub raised Cimarex Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $136.18.
Cimarex Energy (NYSE:XEC) opened at 117.34 on Monday. The firm’s 50-day moving average price is $110.82 and its 200 day moving average price is $106.01. Cimarex Energy has a 12-month low of $89.49 and a 12-month high of $146.96. The stock has a market cap of $10.96 billion, a PE ratio of 42.03 and a beta of 1.35.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 15th will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.32 annualized dividend and a yield of 0.27%. Cimarex Energy’s payout ratio is 12.03%.
In other news, COO Joseph R. Albi sold 2,000 shares of the firm’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $106.11, for a total transaction of $212,220.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas E. Jorden sold 2,500 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $101.67, for a total value of $254,175.00. The disclosure for this sale can be found here. Insiders sold 21,299 shares of company stock valued at $2,204,271 over the last quarter. 1.70% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in XEC. Principal Financial Group Inc. boosted its position in shares of Cimarex Energy by 968.7% during the second quarter. Principal Financial Group Inc. now owns 1,544,775 shares of the oil and gas producer’s stock worth $145,224,000 after buying an additional 1,400,223 shares during the period. Janus Henderson Group PLC boosted its position in shares of Cimarex Energy by 7,007.8% during the second quarter. Janus Henderson Group PLC now owns 834,313 shares of the oil and gas producer’s stock worth $78,434,000 after buying an additional 822,575 shares during the period. APG Asset Management N.V. boosted its position in shares of Cimarex Energy by 274.1% during the third quarter. APG Asset Management N.V. now owns 743,117 shares of the oil and gas producer’s stock worth $84,470,000 after buying an additional 544,465 shares during the period. Renaissance Technologies LLC boosted its position in shares of Cimarex Energy by 767.6% during the second quarter. Renaissance Technologies LLC now owns 535,298 shares of the oil and gas producer’s stock worth $50,323,000 after buying an additional 473,600 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Cimarex Energy by 5.2% during the second quarter. BlackRock Inc. now owns 7,512,811 shares of the oil and gas producer’s stock worth $706,278,000 after buying an additional 371,390 shares during the period. Institutional investors and hedge funds own 90.06% of the company’s stock.
Cimarex Energy Company Profile
Cimarex Energy Co is an independent oil and gas exploration and production company. The Company operates in exploration and production (E&P) segment. Its operations are located in Oklahoma, Texas and New Mexico. Its E&P activities take place primarily in two areas: the Permian Basin and the Mid-Continent region.
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