Bank of America Corp DE Grows Stake in Cimarex Energy Co (NYSE:XEC)
Bank of America Corp DE lifted its position in Cimarex Energy Co (NYSE:XEC) by 78.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,379,779 shares of the oil and gas producer’s stock after purchasing an additional 606,388 shares during the period. Bank of America Corp DE’s holdings in Cimarex Energy were worth $37,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in the company. Sowell Financial Services LLC boosted its stake in shares of Cimarex Energy by 24.9% in the 1st quarter. Sowell Financial Services LLC now owns 2,140 shares of the oil and gas producer’s stock worth $36,000 after buying an additional 426 shares during the last quarter. M&T Bank Corp lifted its position in Cimarex Energy by 4.5% during the second quarter. M&T Bank Corp now owns 10,650 shares of the oil and gas producer’s stock valued at $292,000 after purchasing an additional 457 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Cimarex Energy by 66.6% during 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 purchasing an additional 700 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Cimarex Energy by 3.1% during the second quarter. Ameritas Investment Partners Inc. now owns 29,537 shares of the oil and gas producer’s stock valued at $812,000 after acquiring an additional 887 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in Cimarex Energy by 3.3% during the second quarter. Janney Montgomery Scott LLC now owns 30,527 shares of the oil and gas producer’s stock valued at $839,000 after acquiring an additional 967 shares during the period. Hedge funds and other institutional investors own 91.50% of the company’s stock.
Shares of NYSE:XEC opened at $24.62 on Wednesday. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of -1.20, a price-to-earnings-growth ratio of 6.96 and a beta of 2.40. Cimarex Energy Co has a 52 week low of $12.15 and a 52 week high of $55.29. The company has a quick ratio of 0.74, a current ratio of 0.84 and a debt-to-equity ratio of 1.16. The firm has a 50 day moving average of $27.00 and a 200 day moving average of $24.80.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date is Thursday, November 12th. Cimarex Energy’s payout ratio is presently 19.73%.
In other news, VP Stephen P. Bell sold 12,500 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $28.09, for a total transaction of $351,125.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.
Several equities research analysts have recently issued reports on the company. Stifel Nicolaus lifted their target price on Cimarex Energy from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Bank of America raised Cimarex Energy from an “underperform” rating to a “neutral” rating and set a $33.00 price objective on the stock in a research note on Monday, June 22nd. Scotiabank boosted their price objective on Cimarex Energy from $20.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Monday, July 13th. Seaport Global Securities started coverage on Cimarex Energy in a research report on Monday, July 27th. They set a “buy” rating and a $38.00 target price for the company. Finally, KeyCorp dropped their target price on Cimarex Energy from $43.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nineteen have issued a buy rating to the company’s stock. Cimarex Energy has an average rating of “Buy” and a consensus price target of $43.45.
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.
Further Reading: Accumulation/Distribution
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