Cimarex Energy Co (XEC) Forecasted to Post Q3 2017 Earnings of $1.00 Per Share
Cimarex Energy Co (NYSE:XEC) – Seaport Global Securities lifted their Q3 2017 earnings estimates for Cimarex Energy in a note issued to investors on Monday. Seaport Global Securities analyst M. Kelly now forecasts that the oil and gas producer will post earnings per share of $1.00 for the quarter, up from their prior estimate of $0.87. Seaport Global Securities also issued estimates for Cimarex Energy’s Q4 2017 earnings at $0.94 EPS, FY2017 earnings at $4.04 EPS, Q1 2018 earnings at $0.59 EPS, Q3 2018 earnings at $0.74 EPS and FY2018 earnings at $2.62 EPS.
Several other brokerages also recently issued reports on XEC. Stifel Nicolaus set a $168.00 target price on Cimarex Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Barclays PLC lifted their target price on Cimarex Energy from $112.00 to $117.00 and gave the company an “overweight” rating in a research note on Tuesday, August 15th. BidaskClub raised Cimarex Energy from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 24th. Jefferies Group LLC reaffirmed a “hold” rating and set a $119.00 price objective on shares of Cimarex Energy in a research note on Thursday, July 6th. Finally, Morgan Stanley lifted their price objective on Cimarex Energy from $138.00 to $168.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Cimarex Energy currently has a consensus rating of “Buy” and a consensus price target of $136.18.
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Shares of Cimarex Energy (XEC) opened at 114.28 on Tuesday. The stock’s 50 day moving average is $111.18 and its 200 day moving average is $105.80. The firm has a market cap of $10.67 billion, a PE ratio of 40.93 and a beta of 1.35. Cimarex Energy has a 12 month low of $89.49 and a 12 month high of $146.96.
Cimarex Energy (NYSE:XEC) last announced its quarterly earnings data on Tuesday, August 8th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.11. Cimarex Energy had a net margin of 15.64% and a return on equity of 13.29%. The firm had revenue of $456.50 million during the quarter, compared to analyst estimates of $441.52 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Cimarex Energy’s quarterly revenue was up 52.7% on a year-over-year basis.
Large investors have recently made changes to their positions in the stock. Turner Investments LLC acquired a new stake in Cimarex Energy during the 2nd quarter worth about $100,000. Global X Management Co. LLC grew its holdings in Cimarex Energy by 14.1% during the 1st quarter. Global X Management Co. LLC now owns 1,103 shares of the oil and gas producer’s stock worth $132,000 after acquiring an additional 136 shares during the period. Advisor Group Inc. grew its holdings in Cimarex Energy by 5.3% during the 2nd quarter. Advisor Group Inc. now owns 1,200 shares of the oil and gas producer’s stock worth $113,000 after acquiring an additional 60 shares during the period. State of Alaska Department of Revenue grew its holdings in Cimarex Energy by 0.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 1,427 shares of the oil and gas producer’s stock worth $134,000 after acquiring an additional 10 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in Cimarex Energy during the 3rd quarter worth about $206,000. 89.97% of the stock is owned by institutional investors and hedge funds.
In other news, VP Joseph R. Albi sold 4,000 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $106.13, for a total value of $424,520.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harold R. Logan, Jr. sold 913 shares of the stock in a transaction on Friday, September 15th. The shares were sold at an average price of $105.83, for a total value of $96,622.79. Following the completion of the transaction, the director now owns 9,299 shares of the company’s stock, valued at $984,113.17. The disclosure for this sale can be found here. Insiders have sold 21,299 shares of company stock worth $2,204,271 in the last three months. 1.70% of the stock is currently owned by company insiders.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.28%. The ex-dividend date is Tuesday, November 14th. Cimarex Energy’s payout ratio is 12.03%.
About Cimarex Energy
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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