Jefferies Group Equities Analysts Reduce Earnings Estimates for Cimarex Energy (XEC)

Cimarex Energy (NYSE:XEC) – Analysts at Jefferies Group lowered their Q3 2018 earnings estimates for Cimarex Energy in a research report issued to clients and investors on Thursday, May 17th. Jefferies Group analyst T. Hughes now expects that the oil and gas producer will earn $1.33 per share for the quarter, down from their previous forecast of $1.65. Jefferies Group has a “Hold” rating and a $98.00 price objective on the stock. Jefferies Group also issued estimates for Cimarex Energy’s Q4 2018 earnings at $1.41 EPS, FY2018 earnings at $5.89 EPS, Q1 2019 earnings at $1.48 EPS, Q2 2019 earnings at $1.38 EPS and FY2020 earnings at $10.90 EPS.

Cimarex Energy (NYSE:XEC) last posted its earnings results on Tuesday, May 8th. The oil and gas producer reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.09. Cimarex Energy had a return on equity of 20.67% and a net margin of 26.97%. The company had revenue of $567.10 million for the quarter, compared to analyst estimates of $568.46 million. During the same quarter in the previous year, the firm earned $1.05 earnings per share. The firm’s quarterly revenue was up 26.8% compared to the same quarter last year.

Several other research firms have also issued reports on XEC. Bank of America lowered Cimarex Energy from a “buy” rating to a “neutral” rating and cut their target price for the company from $130.13 to $129.00 in a research note on Thursday, May 10th. BMO Capital Markets cut their target price on Cimarex Energy to $125.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. SunTrust Banks set a $130.00 target price on Cimarex Energy and gave the company a “buy” rating in a research note on Monday, April 16th. Morgan Stanley cut their target price on Cimarex Energy from $168.00 to $165.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 7th. Finally, Stifel Nicolaus cut their target price on Cimarex Energy from $187.00 to $186.00 and set a “buy” rating on the stock in a research note on Wednesday, May 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $133.00.

Cimarex Energy opened at $98.30 on Monday, according to Marketbeat.com. Cimarex Energy has a 1 year low of $87.98 and a 1 year high of $130.16. 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 stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of 21.14 and a beta of 1.19.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC World Markets Inc. purchased a new stake in Cimarex Energy in the first quarter valued at approximately $241,000. Xact Kapitalforvaltning AB boosted its position in Cimarex Energy by 16.7% in the first quarter. Xact Kapitalforvaltning AB now owns 11,584 shares of the oil and gas producer’s stock valued at $1,083,000 after buying an additional 1,658 shares during the last quarter. Trust Co. of Vermont boosted its position in Cimarex Energy by 2.7% in the first quarter. Trust Co. of Vermont now owns 28,840 shares of the oil and gas producer’s stock valued at $2,696,000 after buying an additional 750 shares during the last quarter. Royal Bank of Canada boosted its position in Cimarex Energy by 33.7% in the first quarter. Royal Bank of Canada now owns 196,397 shares of the oil and gas producer’s stock valued at $18,362,000 after buying an additional 49,556 shares during the last quarter. Finally, Atlantic Trust Group LLC boosted its position in Cimarex Energy by 1.4% in the first quarter. Atlantic Trust Group LLC now owns 109,310 shares of the oil and gas producer’s stock valued at $10,220,000 after buying an additional 1,458 shares during the last quarter. Hedge funds and other institutional investors own 95.19% of the company’s stock.

In related news, CEO Thomas E. Jorden sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Harold R. Logan, Jr. sold 1,900 shares of the company’s stock in a transaction that occurred 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 insiders.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Wednesday, August 15th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, August 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.65%. Cimarex Energy’s payout ratio is 13.76%.

Cimarex Energy Company Profile

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.

Earnings History and Estimates for Cimarex Energy (NYSE:XEC)

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