Thursday, FBR Capital Markets initiated coverage on Cimarex Energy, (XEC) with a Market Perform rating and 12-month price target of $50.00. The brokerage said it sees continued improvement in gas shale play in Anadarko Cana, as well as execution in the Permian, to take the next step up.
Further, the firm said costs are near a bottom in this cycle and added that the company is set to ramp up and deploy organic capital, within cash flow. In addition, the brokerage sees the company's low proved undeveloped (PUD) ratio at 17%, strong balance sheet with 19% net debt to capital at 3Q09 and a positive free cash flow yield for 2009 and 2010 as positive catalysts.
FBR also sees the company's strong and conservative management team, including former Apache Corporation COO Mick Merelli and an operations team with an industry track record in oil development as positive to the company.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.