XEC To Achieve Robust Production Growth In 2010
Analysts at KeyBanc Capital Markets initiate coverage of Cimarex Energy Co (NYSE: XEC) with a "buy" rating. The target price for XEC is set to $68.
According to KeyBanc Capital Markets, there has been less investor focus on Cimarex Energy compared to its peers that hold substantial acreage position in more focused shale plays such as Haynesville, Eagle Ford and Marcellus.
The analysts believe that “2010 could end up being a stronger production growth year than most currently expect (we are modeling 10% growth, which we believe could turn to be conservative) on the back of a very nice string of Gulf Coast discoveries (three wells to be announced with an operations update within a week or so), coupled with low risk manufacturing development in the Cana-Woodford Shale and Permian Basin.”
