Cimarex Energy Co (XEC) to Issue Dividend Increase – $0.20 Per Share

Cimarex Energy Co (NYSE:XEC) declared a quarterly dividend on Wednesday, February 20th, RTT News reports. Shareholders of record on Wednesday, May 15th will be given a dividend of 0.20 per share by the oil and gas producer on Friday, May 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Tuesday, May 14th. This is an increase from Cimarex Energy’s previous quarterly dividend of $0.18.

Cimarex Energy has decreased its dividend payment by an average of 3.2% annually over the last three years. Cimarex Energy has a dividend payout ratio of 12.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Cimarex Energy to earn $8.82 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 9.1%.

Shares of NYSE:XEC opened at $67.78 on Monday. The company has a market capitalization of $6.84 billion, a PE ratio of 9.16 and a beta of 1.31. Cimarex Energy has a twelve month low of $55.62 and a twelve month high of $103.91. The company has a quick ratio of 1.93, a current ratio of 0.66 and a debt-to-equity ratio of 0.58.

Cimarex Energy (NYSE:XEC) last released its quarterly earnings results on Wednesday, May 8th. The oil and gas producer reported $1.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.37 by ($0.17). Cimarex Energy had a net margin of 26.90% and a return on equity of 19.95%. The firm had revenue of $577.00 million for the quarter, compared to analyst estimates of $581.51 million. During the same quarter in the prior year, the firm earned $1.82 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year. Equities analysts forecast that Cimarex Energy will post 7 earnings per share for the current year.

Several research firms have commented on XEC. Mizuho began coverage on shares of Cimarex Energy in a research report on Tuesday, January 29th. They issued a “neutral” rating and a $80.00 target price for the company. Morgan Stanley set a $109.00 target price on shares of Cimarex Energy and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Ifs Securities reissued a “market perform” rating on shares of Cimarex Energy in a research report on Sunday, February 3rd. Imperial Capital reissued an “outperform” rating and issued a $83.00 target price (up from $79.00) on shares of Cimarex Energy in a research report on Friday, February 22nd. Finally, Barclays began coverage on shares of Cimarex Energy in a research report on Wednesday, January 16th. They issued an “equal weight” rating and a $81.00 target price for the company. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $106.18.

In related news, Director Harold R. Logan, Jr. sold 990 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $70.00, for a total transaction of $69,300.00. Following the completion of the sale, the director now owns 7,259 shares in the company, valued at approximately $508,130. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.70% of the company’s stock.

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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, 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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Dividend History for Cimarex Energy (NYSE:XEC)

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