Morgan Stanley Increases Cimarex Energy (NYSE:XEC) Price Target to $78.00


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Cimarex Energy (NYSE:XEC) had its target price hoisted by investment analysts at Morgan Stanley from $76.00 to $78.00 in a report released on Monday, PriceTargets.com reports. The brokerage presently has an “overweight” rating on the oil and gas producer’s stock. Morgan Stanley’s target price would indicate a potential upside of 30.04% from the company’s current price.

Other research analysts also recently issued reports about the company. KeyCorp boosted their target price on Cimarex Energy from $70.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, April 15th. Barclays upped their price objective on Cimarex Energy from $48.00 to $55.00 and gave the stock an “overweight” rating in a report on Thursday, January 14th. Scotiabank raised Cimarex Energy from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $65.00 to $75.00 in a report on Thursday, April 15th. Susquehanna upped their price objective on Cimarex Energy from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, February 24th. Finally, Raymond James upped their price objective on Cimarex Energy from $60.00 to $78.00 and gave the stock an “outperform” rating in a report on Thursday, March 4th. Three research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $57.37.

NYSE XEC opened at $59.98 on Monday. 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 stock’s 50 day moving average is $62.69 and its two-hundred day moving average is $44.48. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of -2.92, a PEG ratio of 8.75 and a beta of 2.40. Cimarex Energy has a 1-year low of $18.82 and a 1-year high of $69.35.

Cimarex Energy (NYSE:XEC) last announced its earnings results on Sunday, February 21st. The oil and gas producer reported $0.89 EPS for the quarter, topping the consensus estimate of $0.71 by $0.18. The business had revenue of $434.70 million for the quarter, compared to the consensus estimate of $421.94 million. Cimarex Energy had a positive return on equity of 7.29% and a negative net margin of 104.14%. Cimarex Energy’s revenue was down 33.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.18 EPS. On average, analysts predict that Cimarex Energy will post 0.58 earnings per share for the current year.

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

Institutional investors have recently modified their holdings of the business. Contravisory Investment Management Inc. acquired a new stake in Cimarex Energy in the first quarter valued at approximately $28,000. NEXT Financial Group Inc acquired a new stake in Cimarex Energy in the fourth quarter valued at approximately $27,000. Inspire Advisors LLC acquired a new stake in Cimarex Energy in the fourth quarter valued at approximately $28,000. Royal London Asset Management Ltd. acquired a new position in shares of Cimarex Energy during the fourth quarter worth $42,000. Finally, Private Capital Group LLC lifted its holdings in shares of Cimarex Energy by 11.1% during the fourth quarter. Private Capital Group LLC now owns 2,389 shares of the oil and gas producer’s stock worth $90,000 after purchasing an additional 239 shares during the period. Hedge funds and other institutional investors own 91.50% 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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