Cimarex Energy (NYSE:XEC) Stock Price Down 9.6% on Analyst Downgrade

Shares of Cimarex Energy Co (NYSE:XEC) fell 9.6% on Wednesday after Morgan Stanley lowered their price target on the stock from $81.00 to $57.00. Morgan Stanley currently has an overweight rating on the stock. Cimarex Energy traded as low as $38.31 and last traded at $38.34, 2,649,922 shares changed hands during mid-day trading. An increase of 72% from the average session volume of 1,539,333 shares. The stock had previously closed at $42.39.

A number of other research analysts have also weighed in on XEC. BMO Capital Markets lowered Cimarex Energy from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $82.00 to $67.00 in a report on Thursday, July 11th. KeyCorp began coverage on Cimarex Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $66.00 price objective on the stock. Imperial Capital decreased their price objective on Cimarex Energy from $58.00 to $51.00 and set an “in-line” rating on the stock in a report on Wednesday, August 7th. MKM Partners decreased their price objective on Cimarex Energy from $70.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, Citigroup decreased their price objective on Cimarex Energy from $98.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $80.39.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its position in Cimarex Energy by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 1,332,660 shares of the oil and gas producer’s stock valued at $79,066,000 after acquiring an additional 160,717 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in Cimarex Energy by 17.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 11,431 shares of the oil and gas producer’s stock valued at $678,000 after acquiring an additional 1,716 shares in the last quarter. Invesco Ltd. grew its position in Cimarex Energy by 23.5% in the 2nd quarter. Invesco Ltd. now owns 1,038,404 shares of the oil and gas producer’s stock valued at $61,609,000 after acquiring an additional 197,633 shares in the last quarter. Vanguard Group Inc. grew its position in Cimarex Energy by 3.8% in the 2nd quarter. Vanguard Group Inc. now owns 11,027,065 shares of the oil and gas producer’s stock valued at $654,236,000 after acquiring an additional 406,436 shares in the last quarter. Finally, Cohen & Steers Inc. acquired a new position in Cimarex Energy in the 2nd quarter valued at about $1,452,000. Institutional investors and hedge funds own 94.94% of the company’s stock.



The stock has a market capitalization of $4.27 billion, a P/E ratio of 5.24 and a beta of 1.30. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.64 and a quick ratio of 0.57. The stock’s 50-day moving average price is $51.45.

Cimarex Energy (NYSE:XEC) last released its earnings results on Monday, August 5th. The oil and gas producer reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.38). The firm had revenue of $546.46 million during the quarter, compared to analyst estimates of $594.90 million. Cimarex Energy had a net margin of 25.66% and a return on equity of 16.59%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.59 earnings per share. On average, sell-side analysts anticipate that Cimarex Energy Co will post 5.17 earnings per share for the current fiscal year.

About Cimarex Energy (NYSE:XEC)

Cimarex Energy Co operates as an independent oil and gas exploration and production company primarily in Oklahoma, Texas, and New Mexico. As of December 31, 2018, it had a total proved reserves of 591.2 million barrels of oil equivalent, consisting of 1.59 trillion cubic feet of natural gas; 146.5 million barrels (MMBbls) of oil; and 179.4 MMBbls of natural gas liquids primarily located in the Permian Basin and Mid-Continent regions.

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