Susquehanna Upgrades Cimarex Energy to Buy

By Jason Carr

Susquehanna analyst Biju Perincheril upgraded Cimarex Energy (NYSE: XEC) to Buy on November 4 and set a price target of $148. The company’s shares opened today at $123.71.

According to TipRanks.com, Perincheril is a top 100 analyst with an average return of 24.6% and a 68.6% success rate. Perincheril covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp., Continental Resources, and Gulfport Energy Corp.

Currently, the analyst consensus on Cimarex Energy is Moderate Buy and the average price target is $139.20, representing a 12.5% upside.

In a report issued on November 1, Stifel Nicolaus also reiterated a Buy rating on the stock with a $155 price target.

The company has a one year high of $142.20 and a one year low of $72.77. Currently, Cimarex Energy has an average volume of 886.4K.

Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2016, Francis Brian Barron, the Sr VP-General Counsel of XEC sold 500 shares for a total of $67,765.

Cimarex Energy Co. is an independent oil and gas exploration and production company. Its activities include drilling, completing and operating wells. It projects covers Permian Basin and the Cana-Woodford in Oklahoma, Texas and New Mexico. The company was founded by F. H. Merelli in February 2002 and is headquartered in Denver, CO.