Market Overview

Cimarex Energy Soars on Q4 Earnings Results

Denver based Cimarex Energy (NYSE: XEC) released its fiscal Q4 earnings results prior to the opening bell on Wednesday. The company reported net income of $116.9 million or $1.36 per share, compared to $117.6 million or $1.37 per share, in the year ago period. This compared to consensus Wall Street EPS estimates of $1.30 heading into the report.

Revenues for the quarter from oil, gas, and natural gas liquids were $417.5 million compared to $394.7 million in last year's fourth quarter. This compared to Wall Street analysts' consensus revenue estimates of $417.73 million.

While XEC delivered a strong bottom-line beat, revenues were slightly below consensus. The stock is moving primarily based on the company's fiscal 2012 production guidance. Analysts at Bank of America (NYSE: BAC) wrote "XEC surprised the street with its FY2012 production growth forecast of 4%-10% versus street's expectations of 0%-5%."

At last check, XEC shares had soared more than 18% to $81.26 on Wednesday in the wake of the company's earnings report. Volume has been very heavy with more than 5.5 million shares trading hands compared to a 3-month daily average of under 1 million.

Cimarex shares trade at a trailing P/E of 12.99, a forward P/E of 14.88 and a PEG ratio of 1.32. Wall Street analysts have a median price target on the stock of $79.00 with a high target of $105.00.

Cimarex Energy Co. (Cimarex) is an independent oil and gas exploration and production company. Its operations are located in Texas, Oklahoma, New Mexico, Kansas and Wyoming.

Posted-In: Earnings News Guidance Intraday Update Movers

 

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