$494.71 Million in Sales Expected for Cimarex Energy Co. (NYSE:XEC) This Quarter


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Wall Street brokerages forecast that Cimarex Energy Co. (NYSE:XEC) will post sales of $494.71 million for the current fiscal quarter, according to Zacks. Twenty analysts have issued estimates for Cimarex Energy’s earnings, with the lowest sales estimate coming in at $417.00 million and the highest estimate coming in at $554.00 million. Cimarex Energy posted sales of $472.83 million during the same quarter last year, which would indicate a positive year over year growth rate of 4.6%. The business is expected to announce its next earnings report on Monday, February 22nd.

On average, analysts expect that Cimarex Energy will report full-year sales of $2.03 billion for the current financial year, with estimates ranging from $1.71 billion to $2.36 billion. For the next year, analysts anticipate that the company will report sales of $2.16 billion, with estimates ranging from $1.89 billion to $2.79 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Cimarex Energy.

Cimarex Energy (NYSE:XEC) last posted its earnings results on Sunday, February 21st. The oil and gas producer reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.18. Cimarex Energy had a negative net margin of 104.14% and a positive return on equity of 7.29%. The firm had revenue of $434.70 million during the quarter, compared to analyst estimates of $421.94 million. During the same period in the previous year, the business posted $1.18 EPS. Cimarex Energy’s revenue was down 33.9% on a year-over-year basis.

Several research firms recently commented on XEC. Morgan Stanley raised their target price on Cimarex Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, January 15th. The Goldman Sachs Group raised Cimarex Energy from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $48.00 in a report on Tuesday, December 15th. Piper Sandler upped their price objective on shares of Cimarex Energy from $34.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, November 18th. KeyCorp raised their target price on shares of Cimarex Energy from $50.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, January 21st. Finally, Scotiabank began coverage on shares of Cimarex Energy in a research report on Monday, February 1st. They set a “sector perform” rating and a $50.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $42.40.

Shares of NYSE XEC traded up $5.19 during midday trading on Thursday, hitting $57.20. 78,830 shares of the company’s stock were exchanged, compared to its average volume of 1,256,605. Cimarex Energy has a twelve month low of $12.15 and a twelve month high of $54.36. The firm has a market cap of $5.83 billion, a P/E ratio of -2.79, a PEG ratio of 8.75 and a beta of 2.40. The stock’s 50 day moving average price is $46.84 and its 200-day moving average price is $34.38. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.74.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 1st. Investors of record on Friday, May 14th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.89%. This is a boost from Cimarex Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, May 13th. Cimarex Energy’s payout ratio is presently 19.73%.

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

Several hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cimarex Energy by 302.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,698 shares of the oil and gas producer’s stock worth $1,039,000 after acquiring an additional 32,090 shares in the last quarter. Weld Capital Management LLC acquired a new position in shares of Cimarex Energy in the 3rd quarter valued at about $230,000. Retirement Systems of Alabama lifted its position in shares of Cimarex Energy by 148.4% in the fourth quarter. Retirement Systems of Alabama now owns 330,906 shares of the oil and gas producer’s stock worth $12,412,000 after purchasing an additional 197,678 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Cimarex Energy by 4.9% during the fourth quarter. Victory Capital Management Inc. now owns 4,423,230 shares of the oil and gas producer’s stock worth $165,916,000 after purchasing an additional 207,772 shares during the period. Finally, Sowell Financial Services LLC grew its position in Cimarex Energy by 101.0% during the fourth quarter. Sowell Financial Services LLC now owns 6,328 shares of the oil and gas producer’s stock valued at $237,000 after purchasing an additional 3,179 shares in the last quarter. Institutional investors and hedge funds 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, 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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Earnings History and Estimates for Cimarex Energy (NYSE:XEC)

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