Cimarex Energy Co (XEC) : Traders are bullish on Cimarex Energy Co (XEC) as it has outperformed the S&P 500 by a wide margin of 8.36% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 3.16%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 3.22% in the last 1 week, and is up 9.48% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 8.78% and the 50-Day Moving Average is 10.64%. Cimarex Energy Co (NYSE:XEC): stock turned positive on Friday. Though the stock opened at $130.56, the bulls momentum made the stock top out at $131.21 level for the day. The stock recorded a low of $129.51 and closed the trading day at $130.77, in the green by 0.75%. The total traded volume for the day was 537,745. The stock had closed at $129.8 in the previous days trading.
The company Insiders own 2% of Cimarex Energy Co shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by -7.43% . Institutional Investors own 92.88% of Cimarex Energy Co shares. During last six month period, the net percent change held by insiders has seen a change of -7.01%. Also, In a research note released to the investors, Citigroup maintains its rating on Cimarex Energy Co (NYSE:XEC).The analysts at the brokerage house have a current rating of Buy on the shares. In a recent information released to the investors, Citigroup raises the new price target from $127 per share to $149 per share. The rating by the firm was issued on August 11, 2016.
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 Companys 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. Cimarexs 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 Companys Mid-Continent region consists of Oklahoma and the Texas Panhandle. The Mid-Continent region produced around 451.2 MMcfe per day.