Zacks: Brokerages Anticipate Cimarex Energy Co (NYSE:XEC) to Post $1.10 EPS

Brokerages predict that Cimarex Energy Co (NYSE:XEC) will post earnings of $1.10 per share for the current quarter, Zacks Investment Research reports. Twenty Five analysts have issued estimates for Cimarex Energy’s earnings, with the lowest EPS estimate coming in at $0.63 and the highest estimate coming in at $1.48. Cimarex Energy posted earnings of $1.99 per share during the same quarter last year, which suggests a negative year over year growth rate of 44.7%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, November 5th.

According to Zacks, analysts expect that Cimarex Energy will report full-year earnings of $4.68 per share for the current financial year, with EPS estimates ranging from $3.61 to $5.87. For the next fiscal year, analysts anticipate that the business will report earnings of $6.84 per share, with EPS estimates ranging from $4.16 to $15.99. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that cover Cimarex Energy.

Cimarex Energy (NYSE:XEC) last posted its quarterly earnings data on Monday, August 5th. The oil and gas producer reported $0.82 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.20 by ($0.38). Cimarex Energy had a net margin of 25.66% and a return on equity of 16.59%. The business had revenue of $546.46 million during the quarter, compared to analyst estimates of $594.90 million. During the same quarter last year, the business earned $1.59 earnings per share. Cimarex Energy’s revenue for the quarter was down 1.8% on a year-over-year basis.

A number of analysts have recently issued reports on the stock. MKM Partners lowered their price objective on shares of Cimarex Energy from $70.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. BMO Capital Markets downgraded shares of Cimarex Energy from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $82.00 to $67.00 in a report on Thursday, July 11th. Capital One Financial upgraded shares of Cimarex Energy from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 23rd. Piper Jaffray Companies set a $68.00 price objective on shares of Cimarex Energy and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Citigroup lowered their target price on shares of Cimarex Energy from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. Cimarex Energy presently has an average rating of “Hold” and an average target price of $77.39.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Cimarex Energy by 3.8% during the second quarter. Vanguard Group Inc. now owns 11,027,065 shares of the oil and gas producer’s stock worth $654,236,000 after purchasing an additional 406,436 shares during the period. BlackRock Inc. boosted its position in Cimarex Energy by 1.5% during the second quarter. BlackRock Inc. now owns 7,081,342 shares of the oil and gas producer’s stock worth $420,135,000 after purchasing an additional 102,257 shares during the period. Diamond Hill Capital Management Inc. boosted its position in Cimarex Energy by 15.9% during the second quarter. Diamond Hill Capital Management Inc. now owns 6,937,262 shares of the oil and gas producer’s stock worth $411,588,000 after purchasing an additional 953,479 shares during the period. Victory Capital Management Inc. boosted its position in Cimarex Energy by 33.8% during the second quarter. Victory Capital Management Inc. now owns 4,205,794 shares of the oil and gas producer’s stock worth $249,530,000 after purchasing an additional 1,061,331 shares during the period. Finally, Bank of America Corp DE boosted its position in Cimarex Energy by 13.7% during the second quarter. Bank of America Corp DE now owns 1,332,660 shares of the oil and gas producer’s stock worth $79,066,000 after purchasing an additional 160,717 shares during the period. Institutional investors and hedge funds own 96.14% of the company’s stock.

Shares of NYSE XEC traded up $1.72 during midday trading on Friday, reaching $46.04. The company’s stock had a trading volume of 280,967 shares, compared to its average volume of 1,890,943. The company has a current ratio of 0.64, a quick ratio of 0.57 and a debt-to-equity ratio of 0.56. Cimarex Energy has a fifty-two week low of $37.19 and a fifty-two week high of $101.19. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of 6.22 and a beta of 1.33. The stock has a 50 day simple moving average of $43.25 and a 200-day simple moving average of $58.98.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.74%. Cimarex Energy’s payout ratio is 10.81%.

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

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