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.
ILLEGAL ACTIVITY WARNING: This news story was reported by Community Financial News and is the sole property of of Community Financial News. If you are viewing this news story on another site, it was illegally copied and reposted in violation of U.S. and international trademark and copyright legislation. The correct version of this news story can be accessed at https://www.com-unik.info/2017/08/19/cimarex-energy-co-nysexec-trading-up-7-5-after-earnings-beat-updated.html.
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.
What are top analysts saying about Cimarex Energy Co? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Cimarex Energy Co and related companies.