Cimarex Energy Co (NYSE:XEC) Trading 7.5% Higher Following Earnings Beat

Cimarex Energy Co (NYSE:XEC) shares traded up 7.5% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $101.90 and last traded at $100.86, with a volume of 2,827,034 shares. The stock had previously closed at $93.86.

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 firm had revenue of $456.50 million for the quarter, compared to the consensus estimate of $441.52 million. Cimarex Energy had a return on equity of 13.29% and a net margin of 15.64%. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 EPS.

Several equities analysts have recently weighed in on the company. Stifel Nicolaus reissued a “buy” rating and set a $169.00 target price on shares of Cimarex Energy in a research report on Friday, July 14th. UBS AG reissued a “neutral” rating and set a $134.00 target price (up previously from $131.00) on shares of Cimarex Energy in a research report on Friday, May 12th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $161.00 price objective on shares of Cimarex Energy in a research report on Wednesday, June 7th. Jefferies Group LLC set a $119.00 price objective on Cimarex Energy and gave the company a “hold” rating in a research report on Wednesday, May 17th. Finally, Citigroup Inc. cut their price objective on Cimarex Energy from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the stock. Cimarex Energy currently has a consensus rating of “Hold” and a consensus target price of $138.20.

In related news, CEO Thomas E. Jorden sold 2,500 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $101.67, for a total transaction of $254,175.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John Lambuth sold 2,136 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $99.84, for a total value of $213,258.24. Following the sale, the senior vice president now owns 106,532 shares of the company’s stock, valued at $10,636,154.88. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Cimarex Energy by 0.7% in the second quarter. Vanguard Group Inc. now owns 9,899,309 shares of the oil and gas producer’s stock worth $930,634,000 after buying an additional 64,420 shares during the period. BlackRock Inc. boosted its stake in Cimarex Energy by 5.2% in the second quarter. BlackRock Inc. now owns 7,512,811 shares of the oil and gas producer’s stock worth $706,278,000 after buying an additional 371,390 shares during the period. State Street Corp boosted its stake in Cimarex Energy by 3.0% in the second quarter. State Street Corp now owns 5,458,745 shares of the oil and gas producer’s stock worth $513,162,000 after buying an additional 157,612 shares during the period. FMR LLC boosted its stake in Cimarex Energy by 1.4% in the second quarter. FMR LLC now owns 4,224,735 shares of the oil and gas producer’s stock worth $397,166,000 after buying an additional 59,537 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its stake in Cimarex Energy by 8.2% in the second 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 buying an additional 307,581 shares during the period. Institutional investors own 94.55% of the company’s stock.

The firm has a market capitalization of $9.18 billion, a P/E ratio of 35.21 and a beta of 1.32. The company’s 50 day moving average price is $95.56 and its 200-day moving average price is $111.35.

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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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