Cimarex Energy Co (NYSE:XEC) Trading 7.5% Higher After Better-Than-Expected Earnings
Cimarex Energy Co (NYSE:XEC) shares traded up 7.5% on Wednesday following a better than expected earnings announcement. The company traded as high as $101.90 and last traded at $100.86, with a volume of 2,827,034 shares trading hands. The stock had previously closed at $93.86.
The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.11. Cimarex Energy had a negative net margin of 7.78% and a positive return on equity of 9.03%. The business 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 earned $0.07 earnings per share. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date of this dividend is Friday, August 11th. Cimarex Energy’s payout ratio is -25.20%.
A number of equities research analysts have recently issued reports on the stock. Jefferies Group LLC reaffirmed a “hold” rating and set a $123.00 target price on shares of Cimarex Energy in a report on Tuesday, April 18th. Barclays PLC reissued an “overweight” rating and set a $129.00 price target (down previously from $139.00) on shares of Cimarex Energy in a research report on Saturday, April 22nd. Citigroup Inc. reissued a “buy” rating and set a $166.00 price target (up previously from $164.00) on shares of Cimarex Energy in a research report on Saturday, April 22nd. UBS AG reissued a “neutral” rating and set a $134.00 price target (up previously from $131.00) on shares of Cimarex Energy in a research report on Friday, May 12th. Finally, BMO Capital Markets set a $150.00 price target on shares of Cimarex Energy and gave the company a “buy” rating in a research report on Monday, May 15th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $137.05.
In other news, VP Stephen P. Bell sold 5,000 shares of the 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director L Paul Teague sold 1,038 shares of the stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $120.00, for a total transaction of $124,560.00. Following the sale, the director now directly owns 44,394 shares in the company, valued at approximately $5,327,280. The disclosure for this sale can be found here. Insiders have sold 8,538 shares of company stock worth $1,001,760 in the last three months. Corporate insiders own 1.70% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Turner Investments LLC purchased a new stake in Cimarex Energy during the second quarter worth $100,000. Global X Management Co. LLC raised its stake in Cimarex Energy by 14.1% in the first quarter. Global X Management Co. LLC now owns 1,103 shares of the oil and gas producer’s stock worth $132,000 after buying an additional 136 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in Cimarex Energy during the first quarter worth $169,000. Winch Advisory Services LLC purchased a new stake in Cimarex Energy during the first quarter worth $186,000. Finally, Eagle Ridge Investment Management raised its stake 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 worth $206,000 after buying an additional 50 shares during the last quarter. 93.07% of the stock is currently owned by institutional investors and hedge funds.
The firm has a 50 day moving average price of $94.55 and a 200-day moving average price of $114.34. The stock’s market cap is $9.42 billion.
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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