We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Cimarex Energy (XEC) Scales 52-Week High on Oil Recovery
Read MoreHide Full Article
Shares of independent oil & gas exploration and production firm Cimarex Energy Company hit a 52-week high of $134.07 during Tuesday’s trading session. Also, the stock closed the session at $134.07, which reflects a solid return of 53.9% over the past six months. The average trading volume for the last three months was 891,340 shares.
What is Driving Cimarex Energy?
Since the beginning of March, shares of this Zacks Rank #3 (Hold) company have been witnessing an uptrend. Cimarex Energy’s exposure to crude price volatility is resulting in its steady rise. The West Texas Intermediate (WTI) crude fell to a 12-year low mark of $26.21 per barrel in February. Now, this commodity is hovering at around $48 per barrel, reflecting a whopping jump of approximately 90%.
Cimarex Energy has established a track of focused and disciplined exploration and production (E&P) capital spending that drove growth in the past. Management’s conservatism can be gauged from the fact that the company does not recognize undeveloped reserves as part of its proven reserves for reporting purposes. We expect the company’s continued focus on drilling activities to remain the primary production growth driver. As a result, its successful projects are boosting volumes and reserves.
Also, upward estimate revisions over the last 90 days added to Cimarex Energy’s attractiveness. Analysts have turned bullish on the company’s growth prospects and are therefore pushing up estimates. The Zacks Consensus Estimate for 2016 improved to earnings of 63 cents per share from a loss of 27 cents per share over the last 90 days. The persistent rise in oil price is therefore a major boon for Cimarex Energy.
Cimarex is an independent E&P company. Its primary activities are in the Mid-Continent and Permian Basin areas of the U.S.
Some better-ranked stocks in the same space are Matador Resources Company (MTDR - Free Report) , North Atlantic Drilling Limited and Devon Energy Corporation (DVN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Cimarex Energy (XEC) Scales 52-Week High on Oil Recovery
Shares of independent oil & gas exploration and production firm Cimarex Energy Company hit a 52-week high of $134.07 during Tuesday’s trading session. Also, the stock closed the session at $134.07, which reflects a solid return of 53.9% over the past six months. The average trading volume for the last three months was 891,340 shares.
What is Driving Cimarex Energy?
Since the beginning of March, shares of this Zacks Rank #3 (Hold) company have been witnessing an uptrend. Cimarex Energy’s exposure to crude price volatility is resulting in its steady rise. The West Texas Intermediate (WTI) crude fell to a 12-year low mark of $26.21 per barrel in February. Now, this commodity is hovering at around $48 per barrel, reflecting a whopping jump of approximately 90%.
Cimarex Energy has established a track of focused and disciplined exploration and production (E&P) capital spending that drove growth in the past. Management’s conservatism can be gauged from the fact that the company does not recognize undeveloped reserves as part of its proven reserves for reporting purposes. We expect the company’s continued focus on drilling activities to remain the primary production growth driver. As a result, its successful projects are boosting volumes and reserves.
Also, upward estimate revisions over the last 90 days added to Cimarex Energy’s attractiveness. Analysts have turned bullish on the company’s growth prospects and are therefore pushing up estimates. The Zacks Consensus Estimate for 2016 improved to earnings of 63 cents per share from a loss of 27 cents per share over the last 90 days. The persistent rise in oil price is therefore a major boon for Cimarex Energy.
Cimarex is an independent E&P company. Its primary activities are in the Mid-Continent and Permian Basin areas of the U.S.
CIMAREX ENERGY Price and Consensus
CIMAREX ENERGY Price and Consensus | CIMAREX ENERGY Quote
Stocks to Consider
Some better-ranked stocks in the same space are Matador Resources Company (MTDR - Free Report) , North Atlantic Drilling Limited and Devon Energy Corporation (DVN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>