Zacks: Analysts Anticipate Cimarex Energy Co (XEC) Will Post Quarterly Sales of $575.65 Million

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Equities analysts expect Cimarex Energy Co (NYSE:XEC) to post $575.65 million in sales for the current quarter, Zacks reports. Twenty One analysts have provided estimates for Cimarex Energy’s earnings, with the lowest sales estimate coming in at $536.62 million and the highest estimate coming in at $708.99 million. Cimarex Energy reported sales of $567.13 million during the same quarter last year, which indicates a positive year-over-year growth rate of 1.5%. The company is scheduled to report its next quarterly earnings report after the market closes on Wednesday, May 8th.

According to Zacks, analysts expect that Cimarex Energy will report full-year sales of $2.61 billion for the current year, with estimates ranging from $2.35 billion to $2.91 billion. For the next financial year, analysts forecast that the company will report sales of $3.04 billion, with estimates ranging from $2.42 billion to $4.42 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Cimarex Energy.

Cimarex Energy (NYSE:XEC) last issued its quarterly earnings data on Wednesday, February 20th. The oil and gas producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.75 by $0.23. The company had revenue of $624.10 million during the quarter, compared to analysts’ expectations of $620.20 million. Cimarex Energy had a net margin of 33.85% and a return on equity of 23.51%. Cimarex Energy’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.47 earnings per share.

Several equities analysts recently commented on the stock. Williams Capital set a $104.00 price objective on shares of Cimarex Energy and gave the company a “buy” rating in a research note on Tuesday, January 22nd. Morgan Stanley dropped their target price on shares of Cimarex Energy from $101.00 to $96.00 and set an “overweight” rating for the company in a research report on Thursday, March 21st. Capital One Financial lowered shares of Cimarex Energy from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, March 20th. Evercore ISI lowered shares of Cimarex Energy from an “outperform” rating to an “in-line” rating in a research report on Tuesday, March 12th. Finally, Susquehanna Bancshares upgraded shares of Cimarex Energy from a “neutral” rating to a “positive” rating and lifted their target price for the company from $74.00 to $88.00 in a research report on Friday, February 8th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $107.50.

In other news, Director Harold R. Logan, Jr. sold 990 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $70.00, for a total value of $69,300.00. Following the completion of the sale, the director now directly owns 7,259 shares in the company, valued at approximately $508,130. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in XEC. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Cimarex Energy in the 4th quarter worth approximately $26,000. First Bank & Trust bought a new stake in shares of Cimarex Energy in the 4th quarter worth approximately $28,000. Quantamental Technologies LLC bought a new stake in Cimarex Energy during the 1st quarter valued at $31,000. CSat Investment Advisory L.P. raised its holdings in Cimarex Energy by 77.7% during the 4th quarter. CSat Investment Advisory L.P. now owns 549 shares of the oil and gas producer’s stock valued at $34,000 after buying an additional 240 shares during the last quarter. Finally, Huntington National Bank raised its holdings in Cimarex Energy by 948.3% during the 4th quarter. Huntington National Bank now owns 629 shares of the oil and gas producer’s stock valued at $39,000 after buying an additional 569 shares during the last quarter. Hedge funds and other institutional investors own 94.35% of the company’s stock.

NYSE:XEC traded up $1.43 during mid-day trading on Friday, hitting $66.83. 1,205,122 shares of the stock traded hands, compared to its average volume of 1,414,516. The stock has a market cap of $6.63 billion, a P/E ratio of 9.03 and a beta of 1.31. Cimarex Energy has a 12-month low of $55.62 and a 12-month high of $103.91. The company has a current ratio of 2.01, a quick ratio of 1.93 and a debt-to-equity ratio of 0.45.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.20%. This is a positive change from Cimarex Energy’s previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, May 14th. Cimarex Energy’s payout ratio is presently 9.73%.

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, 2018, it had a total proved reserves of 591.2 million barrels of oil equivalent, consisting of 1.59 trillion cubic feet of natural gas; 146.5 million barrels (MMBbls) of oil; and 179.4 MMBbls of natural gas liquids primarily located in the Permian Basin and Mid-Continent regions.

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