UPDATE: Stifel Nicolaus Initiates Cimarex Energy at Hold

Stifel Nicolaus is out with its report today on Cimarex Energy

, initiating XEC at Hold. In a note to clients, Stifel Nicolaus writes, "Cimarex's 44% liquids weighting and relatively unhedged production growth makes XEC exposed to crude oil movements. This exposure, combined with our negative short-term (1-2 months) bias on crude oil prices makes XEC's stock price vulnerable for further corrections and is the key reason for our Hold rating." Shares of XEC closed Tuesday at $85.54.