Jefferies Group Brokers Decrease Earnings Estimates for Cimarex Energy (XEC)
Cimarex Energy (NYSE:XEC) – Research analysts at Jefferies Group cut their Q2 2018 earnings per share (EPS) estimates for shares of Cimarex Energy in a report released on Thursday, May 17th. Jefferies Group analyst T. Hughes now forecasts that the oil and gas producer will earn $1.30 per share for the quarter, down from their previous estimate of $1.48. Jefferies Group currently has a “Hold” rating and a $98.00 target price on the stock. Jefferies Group also issued estimates for Cimarex Energy’s Q3 2019 earnings at $1.58 EPS, Q4 2019 earnings at $2.10 EPS, FY2019 earnings at $6.55 EPS and Q1 2020 earnings at $2.63 EPS.
Cimarex Energy (NYSE:XEC) last issued its earnings results on Tuesday, May 8th. The oil and gas producer reported $1.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.09. The business had revenue of $567.10 million for the quarter, compared to analysts’ expectations of $568.46 million. Cimarex Energy had a return on equity of 20.67% and a net margin of 26.97%. The company’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.05 EPS.
Shares of NYSE XEC opened at $99.39 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.40 and a current ratio of 1.49. The firm has a market capitalization of $9.39 billion, a P/E ratio of 21.37 and a beta of 1.19. Cimarex Energy has a 52-week low of $97.41 and a 52-week high of $98.46.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Investors of record on Wednesday, August 15th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, August 14th. This represents a $0.64 dividend on an annualized basis and a yield of 0.64%. Cimarex Energy’s payout ratio is 13.76%.
In related news, CEO Thomas E. Jorden sold 2,500 shares of Cimarex Energy stock in a transaction on Wednesday, April 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harold R. Logan, Jr. sold 1,900 shares of Cimarex Energy stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $97.82, for a total value of $185,858.00. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norinchukin Bank The lifted its position in shares of Cimarex Energy by 7.4% in the fourth quarter. Norinchukin Bank The now owns 7,615 shares of the oil and gas producer’s stock worth $929,000 after buying an additional 522 shares during the last quarter. Glen Harbor Capital Management LLC lifted its position in shares of Cimarex Energy by 12.8% in the first quarter. Glen Harbor Capital Management LLC now owns 4,664 shares of the oil and gas producer’s stock worth $436,000 after buying an additional 528 shares during the last quarter. Alps Advisors Inc. lifted its position in shares of Cimarex Energy by 11.8% in the first quarter. Alps Advisors Inc. now owns 5,194 shares of the oil and gas producer’s stock worth $486,000 after buying an additional 550 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Cimarex Energy by 0.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 125,550 shares of the oil and gas producer’s stock worth $11,739,000 after buying an additional 578 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its position in shares of Cimarex Energy by 0.4% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 147,407 shares of the oil and gas producer’s stock worth $17,985,000 after buying an additional 598 shares during the last quarter. 95.19% of the stock is owned by hedge funds and other institutional investors.
About Cimarex Energy
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, 2017, it had a total proved oil and gas reserves of 3.35 trillion cubic feet equivalent (Tcfe) consisting of 1.61 trillion cubic feet of natural gas, 0.82 Tcfe of oil, and 0.92 Tcfe of natural gas liquids primarily located in the Mid-Continent and Permian Basin regions.
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