Diamond Hill Capital Management Inc buys $426.2 Million stake in Cimarex Energy Co (XEC)

Cimarex Energy Co (XEC) : Diamond Hill Capital Management Inc scooped up 54,557 additional shares in Cimarex Energy Co during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 3,739,203 shares of Cimarex Energy Co which is valued at $426.2 Million.Cimarex Energy Co makes up approximately 2.74% of Diamond Hill Capital Management Inc’s portfolio.

Other Hedge Funds, Including , Korea Investment Corp reduced its stake in XEC by selling 30,700 shares or 13.65% in the most recent quarter. The Hedge Fund company now holds 194,134 shares of XEC which is valued at $22.1 Million. Cimarex Energy Co makes up approx 0.16% of Korea Investment Corp’s portfolio.Cipher Capital Lp reduced its stake in XEC by selling 14,738 shares or 87.25% in the most recent quarter. The Hedge Fund company now holds 2,154 shares of XEC which is valued at $245,491. Cimarex Energy Co makes up approx 0.02% of Cipher Capital Lp’s portfolio.Ashburton (jersey) Ltd reduced its stake in XEC by selling 1,455 shares or 16.17% in the most recent quarter. The Hedge Fund company now holds 7,545 shares of XEC which is valued at $821,500. Cimarex Energy Co makes up approx 0.29% of Ashburton (jersey) Ltd’s portfolio.Great West Life Assurance Co Can boosted its stake in XEC in the latest quarter, The investment management firm added 49,525 additional shares and now holds a total of 93,364 shares of Cimarex Energy Co which is valued at $10.2 Million. Cimarex Energy Co makes up approx 0.04% of Great West Life Assurance Co Can’s portfolio. Candriam Luxembourg S.c.a. added XEC to its portfolio by purchasing 6,521 company shares during the most recent quarter which is valued at $710,006. Cimarex Energy Co makes up approx 0.02% of Candriam Luxembourg S.c.a.’s portfolio.

Cimarex Energy Co opened for trading at $116.25 and hit $117.74 on the upside on Friday, eventually ending the session at $117.34, with a gain of 1.66% or 1.92 points. The heightened volatility saw the trading volume jump to 6,13,838 shares. Company has a market cap of $11,126 M.

On the company’s financial health, Cimarex Energy Co reported $-0.40 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on May 4, 2016. Analyst had a consensus of $-0.39. The company had revenue of $240.60 million for the quarter, compared to analysts expectations of $245.28 million. The company’s revenue was down -33.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.37 EPS.

Investors should note that on May 13, 2016, Cimarex Energy Co announced a cash dividend of $0.0800. The company’s management has announced Aug 11, 2016 as the ex-dividend date and fixed the record date on Aug 15, 2016. The payable date has been fixed on Sep 1, 2016.

Many Wall Street Analysts have commented on Cimarex Energy Co. Company shares were Reiterated by Deutsche Bank on May 18, 2016 to “Hold”, Firm has raised the Price Target to $ 120 from a previous price target of $110 .Company shares were Reiterated by Barclays on May 9, 2016 to “Overweight”, Firm has raised the Price Target to $ 116 from a previous price target of $109 .Company shares were Reiterated by Wunderlich on May 6, 2016 to “Buy”, Firm has raised the Price Target to $ 122 from a previous price target of $105 .

Cimarex Energy Co. (Cimarex) is an independent oil and gas exploration and production company. Its operations are located mainly in Oklahoma Texas and New Mexico. The Company’s exploration and production (E&P) activities take place primarily in two areas: the Permian Basin and the Mid-Continent region. The Permian region encompasses west Texas and southeast New Mexico. Cimarex’s Permian Basin efforts are located in the western half of the Permian Basin known as the Delaware Basin. In 2014 the Company focused on drilling horizontal wells that yielded oil and liquids-rich gas from the Wolfcamp shale the Bone Spring formation and the Avalon shale. The Permian region produced 399 Million cubic feet equivalent (MMcfe) per day in 2014.The Company’s Mid-Continent region consists of Oklahoma and the Texas Panhandle. The Mid-Continent region produced around 451.2 MMcfe per day.

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