Pritchard Equity Neutral On Cimarex Energy (XEC)

Pritchard Equity Research is Neutral on shares of Cimarex Energy Co. (NYSE: XEC) and has a $74 price target after the energy company released quarterly results last week.

In the report, Pritchard Equity writes, "Final results from the 80 acre and 60 acre Cana Shale down-spacing tests and more encouraging news from the horizontal Permian plays could move the stock above our $74 price target, towards our $93 NAV. Revising 2010 and 2011 EPS/CFPS estimates to $6.73/$13.15 and $7.99/$15.27 from $7.16/13.61 and $8.87/$17.96, based on recent guidance and Q2 results. We are introducing 2012 estimates."

Shares of Cimarex Energy Co. are up 2 cents to $72.53.