Cimarex Energy Co (NYSE:XEC) Releases Earnings Results, Beats Estimates By $0.11 EPS
Cimarex Energy Co (NYSE:XEC) issued its earnings results on Tuesday. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.11, Bloomberg Earnings reports. The business had revenue of $456.50 million during the quarter, compared to the consensus estimate of $441.52 million. Cimarex Energy had a positive return on equity of 9.03% and a negative net margin of 7.78%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 EPS.
Cimarex Energy (NYSE XEC) opened at 93.86 on Wednesday. The firm’s market cap is $8.77 billion. Cimarex Energy has a one year low of $89.49 and a one year high of $146.96. The company has a 50-day moving average price of $94.55 and a 200-day moving average price of $114.34.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Friday, August 11th. Cimarex Energy’s payout ratio is currently -25.20%.
A number of equities analysts have recently issued reports on the company. BidaskClub raised Cimarex Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Citigroup Inc. cut their target price on Cimarex Energy from $135.00 to $120.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Stifel Nicolaus reissued a “buy” rating and set a $169.00 target price on shares of Cimarex Energy in a research note on Friday, July 14th. Jefferies Group LLC reissued a “hold” rating and set a $119.00 target price on shares of Cimarex Energy in a research note on Thursday, July 6th. Finally, Scotiabank set a $143.00 target price on Cimarex Energy and gave the stock a “buy” rating in a research note on Saturday, July 1st. Two investment 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 presently has a consensus rating of “Hold” and a consensus price target of $138.19.
In other Cimarex Energy news, VP Stephen P. Bell sold 5,000 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $117.24, for a total transaction of $586,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director L Paul Teague sold 1,038 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $120.00, for a total transaction of $124,560.00. Following the sale, the director now owns 44,394 shares of the company’s stock, valued at $5,327,280. The disclosure for this sale can be found here. Insiders sold 8,538 shares of company stock valued at $1,001,760 over the last quarter. 1.70% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in XEC. Turner Investments LLC purchased a new stake in Cimarex Energy during the second quarter worth about $100,000. Global X Management Co. LLC boosted its stake 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 worth $119,000 after buying an additional 162 shares during the period. State of Alaska Department of Revenue boosted its stake 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 worth $134,000 after buying an additional 10 shares during the period. Pacer Advisors Inc. boosted its stake in Cimarex Energy by 8.3% in the second quarter. Pacer Advisors Inc. now owns 1,935 shares of the oil and gas producer’s stock worth $182,000 after buying an additional 148 shares during the period. Finally, Winch Advisory Services LLC purchased a new stake in Cimarex Energy during the first quarter worth about $186,000. Institutional investors own 93.07% of the company’s stock.
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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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