UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Cimarex Energy
In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Cimarex Energy (NYSE: XEC), and raised its price target from $61.00 to $65.00.
BMO Capital noted, “We raised our estimates on higher production. We're modeling 14% growth in 2013 with a ~$100mm CF outspend on a ~$1.5bn budget. Stronger headline production growth (versus ~2% in 2011/12) could help re-rate the shares higher. Following Friday's ~800bp outperformance, the shares are trading in line with our coverage on multiples and at our after-tax NAV. That said, the shares trade at a discount to Permian peers and disclosed Permian inventory is likely understated, plus well results are improving, arguing for a higher NAV and additional upside.”
Cimarex Energy closed on Friday at $62.97.
Latest Ratings for XEC
|Aug 2014||ISI Group||Downgrades||Buy||Neutral|
|Aug 2014||Brean Capital||Downgrades||Buy||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.