Cimarex Energy Co (XEC) Releases Earnings Results, Beats Expectations By $0.09 EPS

Cimarex Energy Co (XEC) reported quarterly earnings results on Wednesday, Aug-3-2016. The company said it had a profit of $0.07 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.09. Analysts had a consensus of $-0.02. The company posted revenue of $298.90 million in the period, compared to analysts expectations of $294.18 million. The company’s revenue was down -29.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS.

Many Wall Street Analysts have commented on Cimarex Energy Co. Company shares were Reiterated by Stifel on Jul 13, 2016 to “Buy”, Firm has raised the Price Target to $ 142 from a previous price target of $120 .Company shares were Reiterated by Wunderlich on Jun 30, 2016 to “Buy”, Firm has raised the Price Target to $ 139 from a previous price target of $122 .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 .

Cimarex Energy Co opened for trading at $116.6 and hit $117.34 on the upside on Tusday, eventually ending the session at $116.74, with a gain of 1.09% or 1.26 points. The heightened volatility saw the trading volume jump to 8,58,018 shares. Company has a market cap of $11,069 M.

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.

In a different news, on Jul 1, 2016, Thomas E Jorden (CEO and President) sold 2,500 shares at $119.87 per share price. According to the SEC, on Jun 15, 2016, Joseph R Albi (Executive VP, COO) sold 3,500 shares at $114.66 per share price. On Jun 9, 2016, James H Shonsey (VP, Controller) sold 4,320 shares at $121.45 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

Cimarex Energy Co

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