Cimarex Energy Co (XEC) Expected to Post Quarterly Sales of $640.34 Million

Wall Street analysts expect that Cimarex Energy Co (NYSE:XEC) will report sales of $640.34 million for the current quarter, according to Zacks Investment Research. Twenty One analysts have made estimates for Cimarex Energy’s earnings. The highest sales estimate is $726.47 million and the lowest is $567.00 million. Cimarex Energy reported sales of $556.27 million in the same quarter last year, which indicates a positive year-over-year growth rate of 15.1%. The company is scheduled to report its next earnings results on Tuesday, August 6th.

On average, analysts expect that Cimarex Energy will report full-year sales of $2.60 billion for the current year, with estimates ranging from $2.35 billion to $2.91 billion. For the next year, analysts anticipate that the company will post sales of $3.04 billion, with estimates ranging from $2.42 billion to $4.22 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Cimarex Energy.

Cimarex Energy (NYSE:XEC) last announced its quarterly earnings data on Wednesday, May 8th. The oil and gas producer reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.17). Cimarex Energy had a net margin of 26.90% and a return on equity of 19.95%. The business had revenue of $577.00 million during the quarter, compared to the consensus estimate of $581.51 million. During the same period in the previous year, the business posted $1.82 earnings per share. Cimarex Energy’s revenue was up 1.7% compared to the same quarter last year.

A number of equities analysts have issued reports on the stock. SunTrust Banks set a $75.00 price objective on shares of Cimarex Energy and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Wells Fargo & Co assumed coverage on shares of Cimarex Energy in a research note on Monday. They issued a “market perform” rating and a $86.00 price objective on the stock. Imperial Capital reaffirmed an “outperform” rating and issued a $82.00 price objective (down from $84.00) on shares of Cimarex Energy in a research note on Friday, May 10th. Susquehanna Bancshares cut shares of Cimarex Energy from a “positive” rating to a “neutral” rating in a research note on Monday, February 11th. Finally, Ifs Securities reaffirmed a “market perform” rating on shares of Cimarex Energy in a research note on Sunday, February 3rd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $105.83.

XEC stock traded up $0.30 during midday trading on Friday, reaching $64.38. The company’s stock had a trading volume of 17,778 shares, compared to its average volume of 1,437,611. Cimarex Energy has a 52 week low of $55.62 and a 52 week high of $103.91. The stock has a market cap of $7.24 billion, a PE ratio of 8.67 and a beta of 1.31. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.59 and a current ratio of 0.66.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $0.80 annualized dividend and a yield of 1.24%. Cimarex Energy’s dividend payout ratio (DPR) is presently 10.81%.

In other Cimarex Energy news, Director Harold R. Logan, Jr. sold 990 shares of the stock in a transaction 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 sale, the director now directly owns 7,259 shares in the company, valued at $508,130. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.70% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Boston Partners grew its position in Cimarex Energy by 20.1% in the first quarter. Boston Partners now owns 6,989,669 shares of the oil and gas producer’s stock valued at $488,578,000 after purchasing an additional 1,169,027 shares in the last quarter. Norges Bank bought a new position in Cimarex Energy in the fourth quarter valued at $52,408,000. Victory Capital Management Inc. grew its position in Cimarex Energy by 26.3% in the fourth quarter. Victory Capital Management Inc. now owns 2,998,167 shares of the oil and gas producer’s stock valued at $184,836,000 after purchasing an additional 624,486 shares in the last quarter. BlackRock Inc. grew its position in Cimarex Energy by 7.6% in the first quarter. BlackRock Inc. now owns 6,979,085 shares of the oil and gas producer’s stock valued at $487,836,000 after purchasing an additional 494,463 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its position in Cimarex Energy by 7.9% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 6,068,484 shares of the oil and gas producer’s stock valued at $374,122,000 after purchasing an additional 445,153 shares in the last quarter. Institutional investors and hedge funds own 93.30% of the company’s stock.

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

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