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Cimarex Energy (XEC) Scales 52-Week High on Oil Recovery
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Shares of independent oil & gas exploration and production firm Cimarex Energy Company hit a 52-week high of $135.45 during the Aug 30 trading session. Also, the stock closed the session at $134.24, which reflects a solid return of 56.2% over the past six months. The average trading volume for the last three months was 862,263 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 $46 per barrel, reflecting a whopping jump of approximately 90%.
Cimarex Energy has established a track of 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 its 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 turned to earnings of 64 cents per share from a loss of 29 cents over the last 90 days. The persistent rise in oil price is therefore a major boon to 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.
Stocks to Consider
Some better-ranked stocks in the same space are Devon Energy Corporation (DVN - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Enbridge Energy Partners L.P. , each sporting a Zacks Rank #1 (Strong Buy).
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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 $135.45 during the Aug 30 trading session. Also, the stock closed the session at $134.24, which reflects a solid return of 56.2% over the past six months. The average trading volume for the last three months was 862,263 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 $46 per barrel, reflecting a whopping jump of approximately 90%.
Cimarex Energy has established a track of 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 its primary production growth driver. As a result, its successful projects are boosting volumes and reserves.
CIMAREX ENERGY Price and Consensus
CIMAREX ENERGY Price and Consensus | CIMAREX ENERGY Quote
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 turned to earnings of 64 cents per share from a loss of 29 cents over the last 90 days. The persistent rise in oil price is therefore a major boon to 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.
Stocks to Consider
Some better-ranked stocks in the same space are Devon Energy Corporation (DVN - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Enbridge Energy Partners L.P. , each sporting a Zacks Rank #1 (Strong Buy).
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>