BlackRock Inc. Raises Position in Cimarex Energy Co (XEC)
BlackRock Inc. raised its holdings in shares of Cimarex Energy Co (NYSE:XEC) by 5.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,512,811 shares of the oil and gas producer’s stock after buying an additional 371,390 shares during the period. BlackRock Inc. owned about 8.04% of Cimarex Energy worth $706,278,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in Cimarex Energy by 968.7% in the 2nd quarter. Principal Financial Group Inc. now owns 1,544,775 shares of the oil and gas producer’s stock worth $145,224,000 after purchasing an additional 1,400,223 shares during the period. Lazard Asset Management LLC boosted its stake in Cimarex Energy by 1,366.3% in the 1st quarter. Lazard Asset Management LLC now owns 890,780 shares of the oil and gas producer’s stock worth $106,439,000 after purchasing an additional 830,028 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in Cimarex Energy by 8.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 4,063,310 shares of the oil and gas producer’s stock worth $381,992,000 after purchasing an additional 307,581 shares during the period. Bank of America Corp DE boosted its stake in Cimarex Energy by 46.7% in the 1st quarter. Bank of America Corp DE now owns 931,104 shares of the oil and gas producer’s stock worth $111,258,000 after purchasing an additional 296,415 shares during the period. Finally, State Street Corp boosted its stake in Cimarex Energy by 5.8% in the 1st quarter. State Street Corp now owns 5,301,133 shares of the oil and gas producer’s stock worth $633,445,000 after purchasing an additional 290,405 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.
Shares of Cimarex Energy Co (NYSE XEC) opened at 109.37 on Friday. The firm has a market capitalization of $10.22 billion, a price-to-earnings ratio of 39.17 and a beta of 1.32. Cimarex Energy Co has a 52-week low of $89.49 and a 52-week high of $146.96. The firm has a 50-day moving average of $99.58 and a 200 day moving average of $106.74.
Cimarex Energy (NYSE:XEC) last issued its quarterly earnings data on Tuesday, August 8th. The oil and gas producer reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.11. The company had revenue of $456.50 million for the quarter, compared to analyst estimates of $441.52 million. Cimarex Energy had a net margin of 15.64% and a return on equity of 13.29%. The company’s revenue was up 52.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 earnings per share. Analysts predict that Cimarex Energy Co will post $4.17 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.29%. The ex-dividend date is Tuesday, November 14th. Cimarex Energy’s payout ratio is presently 12.03%.
XEC has been the subject of a number of recent analyst reports. Williams Capital reaffirmed a “buy” rating and issued a $136.00 price objective on shares of Cimarex Energy in a research note on Wednesday, August 9th. Scotiabank set a $143.00 price objective on shares of Cimarex Energy and gave the stock a “buy” rating in a research note on Saturday, July 1st. Stifel Nicolaus reaffirmed a “buy” rating on shares of Cimarex Energy in a research note on Wednesday, June 28th. Citigroup Inc. decreased their price objective on shares of Cimarex Energy from $135.00 to $120.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Finally, Cowen and Company set a $135.00 price objective on shares of Cimarex Energy and gave the stock a “buy” rating in a research note on Friday, August 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $134.19.
In other news, CEO Thomas E. Jorden sold 2,500 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $101.67, for a total value of $254,175.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harold R. Logan, Jr. sold 913 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $105.83, for a total transaction of $96,622.79. Following the completion of the transaction, the director now directly owns 9,299 shares in the company, valued at $984,113.17. The disclosure for this sale can be found here. Insiders sold 21,299 shares of company stock worth $2,204,271 over the last three months. Insiders own 1.70% 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.
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