Cimarex Energy Got Some Good News

By Carrie Williams

In a report released today, Gabriele Sorbara from Williams Capital upgraded Cimarex Energy (NYSE: XEC) to Buy, with a price target of $160. The company’s shares closed last Friday at $117.29.

According to, Sorbara is ranked 0 out of 5 stars with an average return of -4.6% and a 44.3% success rate. Sorbara covers the Basic Materials sector, focusing on stocks such as Rosetta Resources Inc, Gulfport Energy Corp, and Oasis Petroleum Inc.

Currently, the analyst consensus on Cimarex Energy is Moderate Buy and the average price target is $149.40, representing a 27.4% upside.

In a report issued on May 10, Scotiabank also maintained a Buy rating on the stock with a $164 price target.

Based on Cimarex Energy’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $447 million and quarterly net profit of $129 million. In comparison, last year the company earned revenue of $241 million and had a GAAP net loss of $186 million.

Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2017, Joseph Albi, the Executive VP, COO of XEC sold 2,500 shares for a total of $307,500.

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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 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.