KeyCorp Weighs in on Cimarex Energy Co’s Q3 2017 Earnings (XEC)
Cimarex Energy Co (NYSE:XEC) – Analysts at KeyCorp decreased their Q3 2017 earnings per share estimates for shares of Cimarex Energy in a research report issued on Wednesday. KeyCorp analyst D. Deckelbaum now forecasts that the oil and gas producer will earn $0.87 per share for the quarter, down from their prior forecast of $0.89. KeyCorp also issued estimates for Cimarex Energy’s Q4 2017 earnings at $1.18 EPS and FY2018 earnings at $4.95 EPS.
A number of other equities research analysts also recently issued reports on the stock. KLR Group reaffirmed a “buy” rating and set a $151.00 price target (up previously from $149.00) on shares of Cimarex Energy in a research note on Wednesday, May 17th. Barclays PLC reaffirmed an “overweight” rating and set a $135.00 price target (up previously from $129.00) on shares of Cimarex Energy in a research note on Monday, May 15th. BMO Capital Markets set a $150.00 price target on shares of Cimarex Energy and gave the company a “buy” rating in a research note on Monday, May 15th. Jefferies Group LLC reaffirmed a “hold” rating and set a $119.00 price target on shares of Cimarex Energy in a research note on Thursday, July 6th. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $166.00 price target (up previously from $164.00) on shares of Cimarex Energy in a research note on Saturday, April 22nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the company. Cimarex Energy currently has a consensus rating of “Hold” and an average price target of $137.05.
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Cimarex Energy (XEC) opened at 100.86 on Thursday. Cimarex Energy has a 12-month low of $89.49 and a 12-month high of $146.96. The company’s 50 day moving average is $94.72 and its 200 day moving average is $113.24. The company’s market cap is $9.42 billion.
Cimarex Energy (NYSE:XEC) last released its earnings results on Tuesday, August 8th. The oil and gas producer reported $1.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.11. Cimarex Energy had a net margin of 15.64% and a return on equity of 13.46%. The company had revenue of $456.50 million for the quarter, compared to analyst estimates of $441.52 million. During the same quarter last year, the firm earned $0.07 EPS. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Cimarex Energy by 3,127.3% in the first quarter. BlackRock Inc. now owns 7,141,421 shares of the oil and gas producer’s stock valued at $853,329,000 after buying an additional 6,920,140 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Cimarex Energy by 2.7% in the first quarter. Public Employees Retirement System of Ohio now owns 51,868 shares of the oil and gas producer’s stock valued at $6,198,000 after buying an additional 1,350 shares during the last quarter. Princeton Alpha Management LP acquired a new position in shares of Cimarex Energy during the first quarter valued at about $361,000. Howland Capital Management LLC boosted its position in shares of Cimarex Energy by 33.9% in the first quarter. Howland Capital Management LLC now owns 120,527 shares of the oil and gas producer’s stock valued at $14,402,000 after buying an additional 30,497 shares during the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of Cimarex Energy during the first quarter valued at about $299,000. Institutional investors own 93.07% of the company’s stock.
In other 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 value of $586,200.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas E. Jorden sold 2,500 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $116.40, for a total transaction of $291,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,538 shares of company stock worth $1,001,760. Company insiders own 1.70% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders 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 dividend yield of 0.32%. The ex-dividend date of this dividend is Friday, August 11th. Cimarex Energy’s payout ratio is presently 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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