In a report released today, Gabriele Sorbara from Siebert Williams Shank & Co reiterated a Buy rating on Cimarex Energy (XEC – Research Report), with a price target of $82.00. The company’s shares closed last Monday at $62.16, close to its 52-week high of $69.35.
According to TipRanks.com, Sorbara is ranked 0 out of 5 stars with an average return of -7.5% and a 32.4% success rate. Sorbara covers the Utilities sector, focusing on stocks such as Continental Resources, Magnolia Oil & Gas, and Matador Resources.
Currently, the analyst consensus on Cimarex Energy is a Strong Buy with an average price target of $72.25, implying a 14.8% upside from current levels. In a report issued on April 15, Scotiabank also upgraded the stock to Buy with a $75.00 price target.
Based on Cimarex Energy’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $435 million and net profit of $24.71 million. In comparison, last year the company earned revenue of $657 million and had a GAAP net loss of $384 million.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of XEC in relation to earlier this year.
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Cimarex Energy Co. is an independent oil and gas exploration and production company. Its activities include drilling, completing and operating wells. It operates through the following areas: Permian Basin, Mid-Continent, and Others in Oklahoma, Texas and New Mexico. The company was founded by F. H. Merelli in February 2002 and is headquartered in Denver, CO.