Cimarex Energy Co (XEC) Expected to Announce Quarterly Sales of $443.48 Million
Analysts expect Cimarex Energy Co (NYSE:XEC) to report $443.48 million in sales for the current quarter, Zacks Investment Research reports. Thirty One analysts have made estimates for Cimarex Energy’s earnings, with the lowest sales estimate coming in at $409.18 million and the highest estimate coming in at $488.77 million. Cimarex Energy reported sales of $298.87 million during the same quarter last year, which indicates a positive year over year growth rate of 48.4%. The firm is expected to issue its next earnings results after the market closes on Tuesday, August 8th.
According to Zacks, analysts expect that Cimarex Energy will report full year sales of $443.48 million for the current fiscal year, with estimates ranging from $1.75 billion to $2.07 billion. For the next fiscal year, analysts forecast that the company will post sales of $2.24 billion per share, with estimates ranging from $1.62 billion to $2.67 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Cimarex Energy.
Cimarex Energy (NYSE:XEC) last announced its quarterly earnings results on Wednesday, May 10th. The oil and gas producer reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.20. Cimarex Energy had a positive return on equity of 9.03% and a negative net margin of 7.78%. The company had revenue of $447.20 million during the quarter, compared to the consensus estimate of $423.62 million. During the same period in the previous year, the company posted ($0.40) earnings per share. Cimarex Energy’s revenue for the quarter was up 85.9% on a year-over-year basis.
A number of research firms have weighed in on XEC. BidaskClub raised Cimarex Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Citigroup Inc. decreased their price objective on Cimarex Energy from $135.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Stifel Nicolaus reaffirmed a “buy” rating and set a $169.00 price objective on shares of Cimarex Energy in a research report on Friday, July 14th. Jefferies Group LLC reissued a “hold” rating and issued a $119.00 price target on shares of Cimarex Energy in a report on Thursday, July 6th. Finally, Scotiabank set a $143.00 price target on Cimarex Energy and gave the company a “buy” rating in a report on Saturday, July 1st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $138.19.
In other Cimarex Energy news, VP Stephen P. Bell sold 5,000 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $117.24, for a total transaction of $586,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas E. Jorden sold 2,500 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $116.40, for a total value of $291,000.00. The disclosure for this sale can be found here. Insiders have sold 8,538 shares of company stock valued at $1,001,760 in the last three months. 1.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in XEC. Turner Investments LLC bought a new position in Cimarex Energy during the second quarter valued at $100,000. Global X Management Co. LLC increased its position in Cimarex Energy by 14.7% in the second quarter. Global X Management Co. LLC now owns 1,265 shares of the oil and gas producer’s stock valued at $119,000 after buying an additional 162 shares during the last quarter. State of Alaska Department of Revenue increased its position in Cimarex Energy by 0.7% in the second quarter. State of Alaska Department of Revenue now owns 1,427 shares of the oil and gas producer’s stock valued at $134,000 after buying an additional 10 shares during the last quarter. Winch Advisory Services LLC bought a new position in Cimarex Energy during the first quarter valued at $186,000. Finally, Eagle Ridge Investment Management increased its position in Cimarex Energy by 3.0% in the first quarter. Eagle Ridge Investment Management now owns 1,720 shares of the oil and gas producer’s stock valued at $206,000 after buying an additional 50 shares during the last quarter. 92.78% of the stock is owned by institutional investors.
Cimarex Energy (NYSE XEC) opened at 94.00 on Friday. Cimarex Energy has a one year low of $89.49 and a one year high of $146.96. The firm’s market capitalization is $8.78 billion. The firm has a 50-day moving average price of $94.77 and a 200-day moving average price of $114.76.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.34%. The ex-dividend date is Friday, August 11th. Cimarex Energy’s payout ratio is -25.20%.
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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