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UPDATE: Morgan Stanley Reiterates on Cimarex Energy on Long-Term Opportunity


In a report published Wednesday, Morgan Stanley analyst Drew Venker reiterated an Overweight rating on Cimarex Energy (NYSE: XEC), and raised the price target from $134.00 to $145.00.

In the report, Morgan Stanley noted, “Despite a potential pullback on weaker oil prices, we see long-term opportunity. XEC's lowest risk plays deliver 48% IRRs vs. 27% in our last update. We estimate these could improve to 70% if recent tests prove repeatable. Raising PT to $145 and raising estimates for more rapid, sustained growth.”

Cimarex Energy closed on Tuesday at $109.69.

Latest Ratings for XEC

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

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