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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.