Cimarex Energy Co. (NYSE:XEC) Short Interest Update


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Cimarex Energy Co. (NYSE:XEC) was the target of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 2,960,000 shares, an increase of 77.2% from the December 15th total of 1,670,000 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average trading volume of 1,520,000 shares, the days-to-cover ratio is currently 1.9 days.

Shares of XEC traded up $1.20 during mid-day trading on Thursday, hitting $48.69. The company’s stock had a trading volume of 4,587 shares, compared to its average volume of 1,372,593. The company has a current ratio of 0.84, a quick ratio of 0.74 and a debt-to-equity ratio of 1.07. The firm has a 50-day simple moving average of $39.25 and a 200 day simple moving average of $30.03. The firm has a market capitalization of $4.96 billion, a P/E ratio of -2.37, a P/E/G ratio of 8.75 and a beta of 2.40. Cimarex Energy has a 1-year low of $12.15 and a 1-year high of $53.40.

Cimarex Energy (NYSE:XEC) last posted its quarterly earnings results on Monday, November 9th. The oil and gas producer reported $0.51 EPS for the quarter, beating the consensus estimate of $0.21 by $0.30. Cimarex Energy had a positive return on equity of 7.29% and a negative net margin of 104.14%. The business had revenue of $401.70 million during the quarter, compared to analysts’ expectations of $390.33 million. During the same period last year, the firm earned $0.91 EPS. The company’s quarterly revenue was down 31.0% compared to the same quarter last year. As a group, sell-side analysts predict that Cimarex Energy will post 0.58 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 1st. Investors of record on Tuesday, February 16th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Friday, February 12th. Cimarex Energy’s payout ratio is currently 19.73%.

In related news, COO Joseph R. Albi sold 8,000 shares of the company’s stock in a transaction dated Friday, December 11th. The stock was sold at an average price of $39.54, for a total value of $316,320.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Hentschel sold 10,000 shares of the company’s stock in a transaction dated Tuesday, December 15th. The shares were sold at an average price of $38.01, for a total value of $380,100.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,000 shares of company stock worth $1,001,920. Company insiders own 2.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in XEC. Diamond Hill Capital Management Inc. increased its stake in Cimarex Energy by 41.8% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 3,085,949 shares of the oil and gas producer’s stock valued at $75,081,000 after purchasing an additional 909,881 shares in the last quarter. Bank of America Corp DE increased its stake in Cimarex Energy by 78.4% in the 2nd quarter. Bank of America Corp DE now owns 1,379,779 shares of the oil and gas producer’s stock valued at $37,929,000 after purchasing an additional 606,388 shares in the last quarter. Van ECK Associates Corp increased its stake in Cimarex Energy by 198.9% in the 3rd quarter. Van ECK Associates Corp now owns 682,588 shares of the oil and gas producer’s stock valued at $16,607,000 after purchasing an additional 454,253 shares in the last quarter. Point72 Asset Management L.P. increased its position in Cimarex Energy by 29.5% during the third quarter. Point72 Asset Management L.P. now owns 1,618,195 shares of the oil and gas producer’s stock worth $39,371,000 after buying an additional 368,911 shares in the last quarter. Finally, ExodusPoint Capital Management LP increased its position in Cimarex Energy by 160.6% during the third quarter. ExodusPoint Capital Management LP now owns 543,165 shares of the oil and gas producer’s stock worth $13,215,000 after buying an additional 334,759 shares in the last quarter. 91.50% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages recently issued reports on XEC. Barclays reissued an “overweight” rating and issued a $55.00 target price (up from $48.00) on shares of Cimarex Energy in a research report on Thursday. Truist cut Cimarex Energy from a “buy” rating to a “hold” rating and set a $40.00 price objective for the company. in a research report on Thursday, December 10th. Bank of America raised Cimarex Energy from a “neutral” rating to a “buy” rating and set a $38.00 price objective for the company in a research report on Monday, September 28th. Piper Sandler increased their price objective on Cimarex Energy from $34.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 18th. Finally, Raymond James raised Cimarex Energy from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research report on Wednesday, October 21st. Three investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $40.57.

About Cimarex Energy

Cimarex Energy Co operates as an independent oil and gas exploration and production company primarily in Texas, Oklahoma, and New Mexico. As of December 31, 2019, it had a total proved reserves of 619.6 million barrels of oil equivalent, consisting of 1.53 trillion cubic feet of natural gas; 169.8 million barrels (MMBbls) of oil; and 194.5 MMBbls of natural gas liquids primarily located in the Permian Basin and Mid-Continent regions.

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