Gabelli Funds LLC Increases Holdings in Cimarex Energy Co (XEC)

Gabelli Funds LLC increased its position in shares of Cimarex Energy Co (NYSE:XEC) by 14.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,100 shares of the oil and gas producer’s stock after purchasing an additional 3,500 shares during the quarter. Gabelli Funds LLC’s holdings in Cimarex Energy were worth $2,627,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Assetmark Inc. increased its position in Cimarex Energy by 1,015.9% in the fourth quarter. Assetmark Inc. now owns 982 shares of the oil and gas producer’s stock worth $120,000 after buying an additional 894 shares during the period. Dupont Capital Management Corp acquired a new stake in Cimarex Energy in the first quarter worth $158,000. LMR Partners LLP acquired a new stake in Cimarex Energy in the fourth quarter worth $200,000. Signition LP acquired a new stake in Cimarex Energy in the fourth quarter worth $206,000. Finally, Eagle Boston Investment Management Inc. acquired a new stake in Cimarex Energy in the fourth quarter worth $211,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.

Cimarex Energy traded down $2.15, reaching $86.55, during mid-day trading on Thursday, MarketBeat reports. 1,188,822 shares of the stock were exchanged, compared to its average volume of 1,367,341. The firm has a market cap of $8.33 billion, a P/E ratio of 18.61 and a beta of 1.18. Cimarex Energy Co has a 1-year low of $82.45 and a 1-year high of $130.16. The company has a quick ratio of 1.40, a current ratio of 1.49 and a debt-to-equity ratio of 0.54.

Cimarex Energy (NYSE:XEC) last released its earnings results on Tuesday, May 8th. The oil and gas producer reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.09. The firm had revenue of $567.10 million for the quarter, compared to analyst estimates of $568.46 million. Cimarex Energy had a return on equity of 20.67% and a net margin of 26.97%. Cimarex Energy’s revenue was up 26.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.05 earnings per share. sell-side analysts expect that Cimarex Energy Co will post 7.09 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Investors of record on Wednesday, August 15th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend is Tuesday, August 14th. Cimarex Energy’s payout ratio is currently 13.76%.

In related news, CEO Thomas E. Jorden sold 2,500 shares of the stock in a transaction on Wednesday, April 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lisa A. Stewart purchased 722 shares of the firm’s stock in a transaction that occurred on Friday, June 1st. The stock was bought at an average price of $89.98 per share, with a total value of $64,965.56. Following the transaction, the director now directly owns 6,576 shares in the company, valued at $591,708.48. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company’s stock.

Several equities research analysts have weighed in on the company. Jefferies Financial Group raised Cimarex Energy from a “hold” rating to a “buy” rating and increased their target price for the stock from $98.00 to $107.00 in a research report on Monday. Stifel Nicolaus increased their target price on Cimarex Energy from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Friday, May 25th. Robert W. Baird set a $136.00 target price on Cimarex Energy and gave the stock a “buy” rating in a research report on Friday, May 25th. Morgan Stanley lowered their price target on Cimarex Energy from $138.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, May 24th. Finally, Williams Capital reissued a “buy” rating and set a $132.00 price target on shares of Cimarex Energy in a report on Wednesday, May 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $133.33.

Cimarex Energy Profile

Cimarex Energy Co operates as an independent oil and gas exploration and production company primarily in Oklahoma, Texas, and New Mexico. As of December 31, 2017, it had a total proved oil and gas reserves of 3.35 trillion cubic feet equivalent (Tcfe) consisting of 1.61 trillion cubic feet of natural gas, 0.82 Tcfe of oil, and 0.92 Tcfe of natural gas liquids primarily located in the Mid-Continent and Permian Basin regions.

Institutional Ownership by Quarter for Cimarex Energy (NYSE:XEC)

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