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Cimarex Energy (XEC) Receives a Buy from Morgan Stanley


In a report released today, Drew Venker from Morgan Stanley maintained a Buy rating on Cimarex Energy (NYSE: XEC), with a price target of $124. The company’s shares closed yesterday at $94.56.

According to TipRanks.com, Venker has currently no stars on a ranking scale of 0-5 stars, with an average return of -6.1% and a 32.7% success rate. Venker covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Continental Resources, and Range Resources Corp.

Currently, the analyst consensus on Cimarex Energy is a Moderate Buy with an average price target of $123.14.

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Based on Cimarex Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $139 million. In comparison, last year the company had a net profit of $89.83 million.

Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of XEC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Cimarex Energy Co. is an independent oil and gas exploration and production company. Its activities include drilling, completing and operating wells. It operates through the following areas: Permian Basin, Mid-Continent, and Others in Oklahoma, Texas and New Mexico. The company was founded by F. H. Merelli in February 2002 and is headquartered in Denver, CO.