Morgan Stanley Increases Cimarex Energy Co (NYSE:XEC) Price Target to $138.00
Cimarex Energy Co (NYSE:XEC) had its price target boosted by equities researchers at Morgan Stanley from $135.00 to $138.00 in a research report issued to clients and investors on Thursday. The brokerage presently has an “overweight” rating on the oil and gas producer’s stock. Morgan Stanley’s price objective suggests a potential upside of 41.13% from the company’s previous close.
Other research analysts have also issued reports about the company. Williams Capital upgraded Cimarex Energy from a “hold” rating to a “buy” rating and raised their price target for the stock from $148.00 to $160.00 in a research report on Monday, May 15th. They noted that the move was a valuation call. UBS AG restated a “neutral” rating and set a $134.00 price target (up from $131.00) on shares of Cimarex Energy in a research report on Friday, May 12th. Scotiabank set a $143.00 price target on Cimarex Energy and gave the stock a “buy” rating in a research report on Saturday, July 1st. Jefferies Group LLC set a $119.00 price target on Cimarex Energy and gave the stock a “hold” rating in a research report on Wednesday, May 17th. Finally, KLR Group restated a “buy” rating and set a $151.00 price target (up from $149.00) on shares of Cimarex Energy in a research report on Wednesday, May 17th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $137.09.
Shares of Cimarex Energy (NYSE XEC) traded down 3.05% during midday trading on Thursday, reaching $97.78. The company’s stock had a trading volume of 1,555,755 shares. The company has a market capitalization of $9.32 billion, a P/E ratio of 34.81 and a beta of 1.32. The stock’s 50-day moving average is $94.72 and its 200-day moving average is $113.24. Cimarex Energy has a one year low of $89.49 and a one year high of $146.96.
Cimarex Energy (NYSE:XEC) last released its quarterly earnings results on Tuesday, August 8th. The oil and gas producer reported $1.06 EPS for the quarter, topping the consensus estimate of $0.95 by $0.11. Cimarex Energy had a return on equity of 13.46% and a net margin of 15.64%. The business had revenue of $456.50 million during the quarter, compared to analyst estimates of $441.52 million. During the same period last year, the business posted $0.07 earnings per share. The company’s quarterly revenue was up 52.7% on a year-over-year basis. On average, equities analysts expect that Cimarex Energy will post $4.09 earnings per share for the current fiscal year.
In other news, VP Stephen P. Bell sold 5,000 shares of Cimarex Energy stock in a transaction dated 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 legal filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas E. Jorden sold 2,500 shares of Cimarex Energy stock in a transaction dated 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 worth $1,001,760 in the last quarter. Insiders own 1.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of XEC. BlackRock Inc. boosted its stake in 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 worth $853,329,000 after buying an additional 6,920,140 shares during the period. Public Employees Retirement System of Ohio boosted its stake in 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 worth $6,198,000 after buying an additional 1,350 shares during the period. Princeton Alpha Management LP purchased a new stake in Cimarex Energy during the first quarter worth approximately $361,000. Howland Capital Management LLC boosted its stake in 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 worth $14,402,000 after buying an additional 30,497 shares during the period. Finally, Laurion Capital Management LP purchased a new stake in Cimarex Energy during the first quarter worth approximately $299,000. Institutional investors and hedge funds own 93.07% of the company’s stock.
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.
Receive News & Ratings for Cimarex Energy Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cimarex Energy Co and related companies with MarketBeat.com's FREE daily email newsletter.