Cimarex Energy (NYSE:XEC) Downgraded to Equal Weight at Morgan Stanley


Cimarex Energy (NYSE:XEC) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Friday, The Fly reports. They presently have a $68.00 target price on the oil and gas producer’s stock, down from their prior target price of $79.00. Morgan Stanley’s price objective points to a potential upside of 3.53% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Mizuho lowered Cimarex Energy from a “buy” rating to a “neutral” rating and set a $84.00 target price on the stock. in a research note on Tuesday, May 25th. JPMorgan Chase & Co. increased their target price on Cimarex Energy from $73.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, May 11th. BMO Capital Markets cut their target price on Cimarex Energy from $95.00 to $86.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 25th. Susquehanna increased their target price on Cimarex Energy from $60.00 to $70.00 and gave the company a “positive” rating in a research note on Wednesday, February 24th. Finally, Scotiabank lowered Cimarex Energy from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, May 25th. Eleven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $71.86.

Cimarex Energy stock opened at $65.68 on Friday. The firm has a 50-day moving average price of $67.63. The company has a market capitalization of $6.75 billion, a PE ratio of -6.13, a price-to-earnings-growth ratio of 0.58 and a beta of 2.59. Cimarex Energy has a 12-month low of $22.39 and a 12-month high of $74.92. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.08 and a current ratio of 1.12.

(Ad)

Wondering what stocks will explode in the future? Get our free newsletter to find out!

Cimarex Energy (NYSE:XEC) last released its earnings results on Tuesday, May 4th. The oil and gas producer reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.01. Cimarex Energy had a positive return on equity of 17.85% and a negative net margin of 60.34%. The firm had revenue of $679.47 million for the quarter, compared to analyst estimates of $584.19 million. During the same quarter in the prior year, the firm posted $0.58 earnings per share. Research analysts predict that Cimarex Energy will post 7.36 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. First Mercantile Trust Co. grew its stake in Cimarex Energy by 6.1% in the first quarter. First Mercantile Trust Co. now owns 3,110 shares of the oil and gas producer’s stock valued at $185,000 after purchasing an additional 180 shares in the last quarter. Addison Capital Co grew its stake in Cimarex Energy by 0.9% in the first quarter. Addison Capital Co now owns 27,876 shares of the oil and gas producer’s stock valued at $1,656,000 after purchasing an additional 240 shares in the last quarter. Ieq Capital LLC grew its stake in Cimarex Energy by 0.4% in the first quarter. Ieq Capital LLC now owns 58,002 shares of the oil and gas producer’s stock valued at $3,445,000 after purchasing an additional 247 shares in the last quarter. Profund Advisors LLC grew its stake in Cimarex Energy by 4.7% in the fourth quarter. Profund Advisors LLC now owns 9,241 shares of the oil and gas producer’s stock valued at $347,000 after purchasing an additional 418 shares in the last quarter. Finally, Contravisory Investment Management Inc. bought a new position in Cimarex Energy in the first quarter valued at approximately $28,000. Hedge funds and other institutional investors own 91.34% of the company’s stock.

Cimarex Energy Company Profile

Cimarex Energy Co is an independent oil and gas exploration and production company. Its activities include drilling, completing and operating wells. It operates through the following areas: Permian Basin, Mid-Continent, and Others in Oklahoma, Texas and New Mexico. The company was founded by F. H. Merelli in February 2002 and is headquartered in Denver, CO.

Recommended Story: G-20

The Fly logo

Analyst Recommendations for Cimarex Energy (NYSE:XEC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

Featured Article: 52-Week High/Low Prices For Stock Selection

7 Internet of Things Stocks That Are a Perfect Fit to Our Connected Future

When you say the Internet of Things (IoT) you may get different responses. I like to think of it broadly as being about connection. It’s about devices that can connect with each other, and with the internet. And this provides users with the solutions that are making our lives more convenient.

The most basic, and ubiquitous, example of an IoT device is the smartphone that many of us have with us at all times. But think about what that has led to. Home assistants, security cameras, fitness apps, and so much more are all enabled by the internet of things.

IoT took on even more importance in the pandemic as businesses had to find a way to ensure the security and viability of their networks even as their employees were scattered remotely. This created demand for edge and cloud computing solutions that are also facilitated by the internet of things.

And yes, this is just the start. The need for more and more data is powering demand for IoT solution in areas such as autonomous vehicles.

But the good news is that this is an area that is still very much in its growth phase. And that means there is no lack of companies that you can find to trade in this sector. To help you get started, we’ve put together this special presentation that highlights seven such companies and the reasons why we believe they merit adding to your portfolio.

View the “7 Internet of Things Stocks That Are a Perfect Fit to Our Connected Future”.



Read More:Cimarex Energy (NYSE:XEC) Downgraded to Equal Weight at Morgan Stanley

Leave a Reply

Your email address will not be published. Required fields are marked *