Zacks: Analysts Anticipate Cimarex Energy Co. (NYSE:XEC) Will Post Quarterly Sales of $584.19 Million

Analysts expect Cimarex Energy Co. (NYSE:XEC) to post $584.19 million in sales for the current quarter, Zacks Investment Research reports. Twenty One analysts have provided estimates for Cimarex Energy’s earnings, with the lowest sales estimate coming in at $460.66 million and the highest estimate coming in at $692.23 million. Cimarex Energy posted sales of $472.83 million during the same quarter last year, which suggests a positive year-over-year growth rate of 23.6%. The company is expected to announce its next quarterly earnings results after the market closes on Wednesday, May 5th.

On average, analysts expect that Cimarex Energy will report full year sales of $2.44 billion for the current financial year, with estimates ranging from $2.07 billion to $2.79 billion. For the next year, analysts anticipate that the firm will post sales of $2.57 billion, with estimates ranging from $2.19 billion to $3.23 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Cimarex Energy.

Cimarex Energy (NYSE:XEC) last announced its quarterly earnings results on Sunday, February 21st. The oil and gas producer reported $0.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.18. Cimarex Energy had a negative net margin of 104.14% and a positive return on equity of 7.29%. The firm had revenue of $434.70 million during the quarter, compared to the consensus estimate of $421.94 million. During the same period last year, the firm earned $1.18 EPS. The business’s quarterly revenue was down 33.9% compared to the same quarter last year.

A number of research firms have recently issued reports on XEC. Evercore ISI raised shares of Cimarex Energy from an “in-line” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Tuesday. Bank of America reaffirmed a “neutral” rating on shares of Cimarex Energy in a report on Monday, March 22nd. Susquehanna lifted their price objective on shares of Cimarex Energy from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, February 24th. Mizuho lifted their price objective on shares of Cimarex Energy from $76.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, April 26th. Finally, Cowen lifted their target price on shares of Cimarex Energy from $48.00 to $61.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 19th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Cimarex Energy currently has an average rating of “Buy” and a consensus target price of $62.42.

In other news, COO Joseph R. Albi sold 15,000 shares of Cimarex Energy stock in a transaction dated Thursday, March 4th. The shares were sold at an average price of $61.43, for a total transaction of $921,450.00. Also, VP Stephen P. Bell sold 6,451 shares of Cimarex Energy stock in a transaction dated Friday, March 5th. The shares were sold at an average price of $66.09, for a total transaction of $426,346.59. Insiders have sold a total of 26,451 shares of company stock worth $1,683,447 in the last ninety days. Insiders own 2.00% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its stake in Cimarex Energy by 48.4% during the first quarter. Envestnet Asset Management Inc. now owns 135,376 shares of the oil and gas producer’s stock worth $8,040,000 after acquiring an additional 44,142 shares in the last quarter. Ieq Capital LLC boosted its stake in Cimarex Energy by 0.4% during the first quarter. Ieq Capital LLC now owns 58,002 shares of the oil and gas producer’s stock worth $3,445,000 after acquiring an additional 247 shares in the last quarter. Symmetry Partners LLC bought a new stake in Cimarex Energy during the first quarter worth about $215,000. Meridian Investment Counsel Inc. bought a new stake in Cimarex Energy during the first quarter worth about $277,000. Finally, State of Michigan Retirement System boosted its stake in Cimarex Energy by 2.4% during the first quarter. State of Michigan Retirement System now owns 38,092 shares of the oil and gas producer’s stock worth $2,262,000 after acquiring an additional 900 shares in the last quarter. 91.50% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE XEC traded down $0.06 during mid-day trading on Thursday, reaching $67.16. 865,931 shares of the company were exchanged, compared to its average volume of 1,199,736. Cimarex Energy has a 52 week low of $21.65 and a 52 week high of $69.35. The company has a quick ratio of 0.74, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $6.91 billion, a PE ratio of -3.27, a PEG ratio of 8.75 and a beta of 2.40. The company’s 50 day moving average price is $62.47 and its 200 day moving average price is $47.01.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 1st. Stockholders of record on Friday, May 14th will be paid a dividend of $0.27 per share. This is a positive change from Cimarex Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, May 13th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.61%. Cimarex Energy’s payout ratio is presently 19.73%.

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, 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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