SunTrust Banks Equities Analysts Raise Earnings Estimates for Cimarex Energy Co (XEC)
Cimarex Energy Co (NYSE:XEC) – Investment analysts at SunTrust Banks boosted their FY2020 earnings per share estimates for shares of Cimarex Energy in a report released on Monday, May 20th. SunTrust Banks analyst N. Dingmann now expects that the oil and gas producer will post earnings per share of $8.95 for the year, up from their prior estimate of $8.33. SunTrust Banks currently has a “Buy” rating and a $85.00 price objective on the stock.
Several other equities research analysts also recently commented on XEC. Wells Fargo & Co began coverage on Cimarex Energy in a report on Monday. They issued a “market perform” rating and a $86.00 target price on the stock. Imperial Capital reissued an “outperform” rating and issued a $82.00 target price (down from $84.00) on shares of Cimarex Energy in a report on Friday, May 10th. Morgan Stanley set a $100.00 target price on Cimarex Energy and gave the stock a “buy” rating in a report on Thursday, May 16th. Capital One Financial downgraded Cimarex Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, March 20th. Finally, Evercore ISI downgraded Cimarex Energy from an “outperform” rating to an “in-line” rating in a report on Tuesday, March 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the stock. Cimarex Energy has a consensus rating of “Hold” and an average target price of $105.83.
Cimarex Energy (NYSE:XEC) last issued its quarterly earnings results on Wednesday, May 8th. The oil and gas producer reported $1.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.37 by ($0.17). The firm had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $581.51 million. Cimarex Energy had a return on equity of 19.95% and a net margin of 26.90%. Cimarex Energy’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.82 earnings per share.
Several hedge funds have recently modified their holdings of XEC. James Investment Research Inc. acquired a new stake in shares of Cimarex Energy in the 4th quarter worth $1,005,000. Strs Ohio lifted its holdings in Cimarex Energy by 3.7% in the fourth quarter. Strs Ohio now owns 10,261 shares of the oil and gas producer’s stock valued at $632,000 after acquiring an additional 365 shares during the last quarter. IFM Investors Pty Ltd lifted its stake in Cimarex Energy by 13.1% during the fourth quarter. IFM Investors Pty Ltd now owns 5,727 shares of the oil and gas producer’s stock worth $353,000 after purchasing an additional 663 shares in the last quarter. Grace & White Inc. NY lifted its stake in Cimarex Energy by 332.3% during the fourth quarter. Grace & White Inc. NY now owns 47,418 shares of the oil and gas producer’s stock worth $2,923,000 after purchasing an additional 36,450 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cimarex Energy by 1.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,779 shares of the oil and gas producer’s stock worth $1,404,000 after purchasing an additional 431 shares in the last quarter. 95.93% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Harold R. Logan, Jr. sold 990 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $70.00, for a total value of $69,300.00. Following the completion of the sale, the director now directly owns 7,259 shares of the company’s stock, valued at approximately $508,130. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by company insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Wednesday, August 14th. Cimarex Energy’s payout ratio is 10.81%.
Cimarex Energy Company Profile
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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