Cimarex Energy (NYSE: XEC) reviewed 10-30-2020
Market Cap: $2.6 Billion (USD) Share Price: $25.37 (USD)
Shares outstanding: 102,151,096
Cash & cash equivalents: $43.84 M as of 30 Jun 2020
Debt: $2.0 Billion
Insiders: 2% Institutional: 550 hold approx. 98%
Website: cimarex.com
Investor Presentations: https://www.cimarex.com/investor-relations/news-and-events/news-releases/default.aspx
CEO & Chairman: Thomas Jorden HQs: Denver, Colorado, USA
Cimarex is an upstream exploration and production company operating in the Permian and Anadarko Basin(s) of Oklahoma, Texas, and New Mexico
Produces crude oil, natural gas, and NGLs (natural gas liquids)
The company reported a loss of -US$$525 Mil or -US$9.28 GAAP per share for 2Q2020 and a loss of -US$1.7 Bil or -US$17.05 GAAP per share for 1H2020
Revenues were US$249.6 Mil in Q2, down from US546 Mil in 2Q2019 or approx -54% Y/Y
Revenues from oil sales were US$138 Mil, revenues from natural gas & liquids were US$100 Mil and a smaller segment of US$11.6 Mil came from gas gathering
Oil production in the quarter averaged 78 Mbbls per day and total production averaged 254.7 Mboe per day
The shares pay a dividend of US$0.22 per quarter, yielding +3.5% at the current quote
Bottom line:
- Analysts see Cimarex as possibly the top remaining target in the consolidating US shale sector given the company’s free cash flow profile and “clean” corporate structure
- Raymond James upgraded Cimarex to Outperform from Market Perform with a $35 price target, citing attractive free cash flow, meaningful capital efficiency gains, and high gas exposure
- No position
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