State of Tennessee Treasury Department Acquires 27,475 Shares of Cimarex Energy Co (NYSE:XEC)
State of Tennessee Treasury Department raised its position in Cimarex Energy Co (NYSE:XEC) by 67.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,492 shares of the oil and gas producer’s stock after buying an additional 27,475 shares during the quarter. State of Tennessee Treasury Department’s holdings in Cimarex Energy were worth $1,153,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of XEC. Tower Research Capital LLC TRC raised its stake in shares of Cimarex Energy by 66.6% in the first quarter. Tower Research Capital LLC TRC now owns 1,751 shares of the oil and gas producer’s stock valued at $29,000 after buying an additional 700 shares during the period. Sowell Financial Services LLC raised its stake in shares of Cimarex Energy by 24.9% during the 1st quarter. Sowell Financial Services LLC now owns 2,140 shares of the oil and gas producer’s stock valued at $36,000 after purchasing an additional 426 shares during the period. Accurate Investment Solutions Inc. raised its stake in shares of Cimarex Energy by 64.6% during the 1st quarter. Accurate Investment Solutions Inc. now owns 3,260 shares of the oil and gas producer’s stock valued at $55,000 after purchasing an additional 1,280 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cimarex Energy by 120.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,682 shares of the oil and gas producer’s stock valued at $62,000 after purchasing an additional 2,008 shares during the period. Finally, Aigen Investment Management LP bought a new stake in shares of Cimarex Energy during the 1st quarter valued at $77,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.
Several research firms recently commented on XEC. Stifel Nicolaus reduced their target price on Cimarex Energy from $35.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. ValuEngine upgraded Cimarex Energy from a “sell” rating to a “hold” rating in a research report on Thursday. Mizuho boosted their target price on Cimarex Energy from $36.00 to $45.00 in a research report on Friday, June 19th. R. F. Lafferty began coverage on Cimarex Energy in a research report on Wednesday, May 20th. They set a “buy” rating and a $42.00 target price for the company. Finally, UBS Group boosted their target price on Cimarex Energy from $30.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $41.48.
Cimarex Energy (NYSE:XEC) last released its earnings results on Wednesday, May 6th. The oil and gas producer reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.17. Cimarex Energy had a positive return on equity of 10.09% and a negative net margin of 44.65%. The company had revenue of $472.83 million during the quarter, compared to analyst estimates of $504.50 million. During the same quarter in the previous year, the company posted $1.20 EPS. Cimarex Energy’s revenue for the quarter was down 18.0% on a year-over-year basis. As a group, equities research analysts forecast that Cimarex Energy Co will post -0.18 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Thursday, August 13th. Cimarex Energy’s payout ratio is 19.73%.
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.
Further Reading: Cost of Capital Explained
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