Cimarex Energy (NYSE:XEC) Upgraded by Truist to “Buy”

Truist upgraded shares of Cimarex Energy (NYSE:XEC) from a hold rating to a buy rating in a report published on Wednesday, The Fly reports. The firm currently has $80.00 price objective on the oil and gas producer’s stock, up from their prior price objective of $70.00.

Other equities research analysts also recently issued reports about the stock. UBS Group downgraded shares of Cimarex Energy from a buy rating to a neutral rating and reduced their price objective for the stock from $91.00 to $83.00 in a research note on Tuesday, June 15th. Truist Securities increased their price objective on shares of Cimarex Energy from $60.00 to $80.00 in a research note on Tuesday, May 11th. Morgan Stanley downgraded shares of Cimarex Energy from an overweight rating to an equal weight rating and reduced their price objective for the stock from $79.00 to $68.00 in a research note on Friday, June 18th. Bank of America upgraded shares of Cimarex Energy from a neutral rating to a buy rating in a research note on Monday, June 21st. Finally, Piper Sandler cut shares of Cimarex Energy from an overweight rating to a neutral rating and dropped their target price for the stock from $88.00 to $67.00 in a report on Tuesday, May 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $72.27.

XEC stock opened at $66.03 on Wednesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.12 and a quick ratio of 1.08. The company has a 50-day simple moving average of $69.91. Cimarex Energy has a 52 week low of $22.39 and a 52 week high of $76.39. The firm has a market capitalization of $6.79 billion, a P/E ratio of -6.16, a PEG ratio of 0.48 and a beta of 2.60.

Cimarex Energy (NYSE:XEC) last announced its quarterly earnings data on Tuesday, May 4th. The oil and gas producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.01. The firm had revenue of $679.47 million for the quarter, compared to the consensus estimate of $584.19 million. Cimarex Energy had a negative net margin of 60.34% and a positive return on equity of 17.85%. During the same period in the prior year, the company posted $0.58 earnings per share. On average, equities research analysts anticipate that Cimarex Energy will post 7.9 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 1st. Investors of record on Friday, August 13th will be issued a $0.27 dividend. The ex-dividend date is Thursday, August 12th. This represents a $1.08 dividend on an annualized basis and a yield of 1.64%. Cimarex Energy’s dividend payout ratio (DPR) is presently 77.70%.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Cimarex Energy by 14.8% in the 1st quarter. BlackRock Inc. now owns 9,956,077 shares of the oil and gas producer’s stock valued at $591,293,000 after buying an additional 1,283,492 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Cimarex Energy by 13.3% during the 1st quarter. Alliancebernstein L.P. now owns 2,238,414 shares of the oil and gas producer’s stock worth $132,939,000 after purchasing an additional 262,132 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Cimarex Energy by 5.6% during the 4th quarter. Principal Financial Group Inc. now owns 1,841,905 shares of the oil and gas producer’s stock worth $69,089,000 after purchasing an additional 97,319 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Cimarex Energy by 22.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,464,662 shares of the oil and gas producer’s stock worth $86,985,000 after purchasing an additional 268,743 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Cimarex Energy by 18.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,269,982 shares of the oil and gas producer’s stock worth $75,425,000 after purchasing an additional 200,598 shares during the last quarter. Institutional investors and hedge funds own 91.32% of the company’s stock.

Cimarex Energy Company Profile

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, 2020, it had a total proved reserves of 531.0 million barrels of oil equivalent; 1.36 trillion cubic feet of proved gas reserves; 144.1 million barrels (MMBbls) of proved oil reserves; and 159.8 MMBbls of natural gas liquids reserves primarily located in the Permian Basin and Mid-Continent regions.

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