Zacks: Brokerages Expect Cimarex Energy Co. (NYSE:XEC) to Post $1.16 EPS


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Wall Street brokerages forecast that Cimarex Energy Co. (NYSE:XEC) will announce $1.16 earnings per share (EPS) for the current quarter, Zacks reports. Twenty analysts have provided estimates for Cimarex Energy’s earnings, with estimates ranging from $0.54 to $1.76. Cimarex Energy posted earnings per share of $0.58 during the same quarter last year, which indicates a positive year over year growth rate of 100%. The company is scheduled to announce its next earnings results on Monday, February 22nd.

According to Zacks, analysts expect that Cimarex Energy will report full-year earnings of $4.77 per share for the current fiscal year, with EPS estimates ranging from $2.47 to $7.32. For the next financial year, analysts forecast that the business will post earnings of $5.60 per share, with EPS estimates ranging from $3.27 to $7.74. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover Cimarex Energy.

Cimarex Energy (NYSE:XEC) last issued its quarterly earnings data on Sunday, February 21st. The oil and gas producer reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.18. The business had revenue of $434.70 million during the quarter, compared to analyst estimates 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 quarterly revenue was down 33.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.18 EPS.

A number of analysts have recently weighed in on XEC shares. Morgan Stanley upped their price target on shares of Cimarex Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, January 15th. Barclays increased their price objective on shares of Cimarex Energy from $48.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, January 14th. Scotiabank started coverage on Cimarex Energy in a report on Monday, February 1st. They issued a “sector perform” rating and a $50.00 target price for the company. Cowen upped their price objective on shares of Cimarex Energy from $48.00 to $61.00 and gave the company an “outperform” rating in a report on Tuesday, January 19th. Finally, KeyCorp upped their target price on shares of Cimarex Energy from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, January 21st. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $42.40.

In other news, COO Joseph R. Albi sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, December 11th. The stock was sold at an average price of $39.54, for a total transaction of $316,320.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David A. Hentschel sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 15th. The shares were sold at an average price of $38.01, for a total value of $380,100.00. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Alliancebernstein L.P. raised its holdings in Cimarex Energy by 144.5% in the 4th quarter. Alliancebernstein L.P. now owns 1,976,282 shares of the oil and gas producer’s stock worth $74,130,000 after purchasing an additional 1,167,940 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in Cimarex Energy by 41.8% in the third quarter. Diamond Hill Capital Management Inc. now owns 3,085,949 shares of the oil and gas producer’s stock worth $75,081,000 after buying an additional 909,881 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Cimarex Energy by 400.4% in the fourth quarter. JPMorgan Chase & Co. now owns 661,578 shares of the oil and gas producer’s stock worth $24,816,000 after buying an additional 529,380 shares during the period. Van ECK Associates Corp boosted its position in Cimarex Energy by 198.9% during the 3rd quarter. Van ECK Associates Corp now owns 682,588 shares of the oil and gas producer’s stock valued at $16,607,000 after acquiring an additional 454,253 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its position in Cimarex Energy by 29.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,618,195 shares of the oil and gas producer’s stock valued at $39,371,000 after acquiring an additional 368,911 shares in the last quarter. 91.50% of the stock is currently owned by institutional investors and hedge funds.

Shares of XEC stock traded up $5.19 on Tuesday, hitting $57.20. The company’s stock had a trading volume of 78,830 shares, compared to its average volume of 1,256,605. The stock’s 50 day moving average is $46.84 and its 200-day moving average is $34.38. Cimarex Energy has a fifty-two week low of $12.15 and a fifty-two week high of $54.36. The company has a market capitalization of $5.83 billion, a PE ratio of -2.79, a PEG ratio of 8.75 and a beta of 2.40. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.74 and a current ratio of 0.84.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 1st. Investors of record on Friday, May 14th will be issued a dividend of $0.27 per share. This is a positive change from Cimarex Energy’s previous quarterly dividend of $0.22. This represents a $1.08 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, May 13th. Cimarex Energy’s dividend payout ratio is currently 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, 2019, it had a total proved reserves of 619.6 million barrels of oil equivalent, consisting of 1.53 trillion cubic feet of natural gas; 169.8 million barrels (MMBbls) of oil; and 194.5 MMBbls of natural gas liquids primarily located in the Permian Basin and Mid-Continent regions.

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