Market Overview

UPDATE: Topeka Initiates Cimarex Energy with Hold Rating on Less Attractive Value Proposition


In a report published Wednesday, Topeka Capital Markets analyst Gabriele Sorbara initiated coverage on Cimarex Energy Co. (NYSE: XEC) with a Hold rating and $80.00 price target.

In the report, Sorbara noted, “XEC has a strong inventory of organically generated drilling locations across the Permian Basin and Mid-Continent region (particularly in the CanaWoodford), but following the recent move [up 31.8% year-to-date vs. the PHLX SIG Oil Exploration and Production (EPX - $423.68) which is up 9.6%], we see a less attractive value proposition at the current share price. We believe success in extending the Wolfcamp and 2nd Bone Spring play into the Southern Delaware Basin and/or success in its new ventures in the Mid-Continent region may drive our RNAV upward and multiple expansion, resulting in a potential re-rating.”

Cimarex Energy Co. closed on Tuesday at $76.08.

Latest Ratings for XEC

Nov 2020Morgan StanleyMaintainsOverweight
Oct 2020Raymond JamesUpgradesMarket PerformOutperform
Oct 2020Truist SecuritiesUpgradesHoldBuy

View More Analyst Ratings for XEC
View the Latest Analyst Ratings


Related Articles (XEC)

View Comments and Join the Discussion!

Posted-In: Topeka Capital MarketsAnalyst Color Initiation Analyst Ratings

Latest Ratings

HYMCBMO CapitalInitiates Coverage On
DEMorgan StanleyMaintains335.0
SBNYRaymond JamesMaintains138.0
CORTHC Wainwright & Co.Maintains32.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at