FBR Capital Downgrades Cimarex Energy (XEC) to Market Perform

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FBR Capital downgraded Cimarex Energy (NYSE: XEC) from Outperform to Market Perform with a price target of $72.00 saying key catalysts have played out.

The analyst notes: "Our investment thesis on the company had centered on three main points: (1) pending infrastructure growth will help Midland basin differentials normalize from the excessively high levels during 4Q12, (2) the Permian reinvestment capacity is deeper and more economic than the marketplace was pricing in, and (3) XEC represented a cheap call option on improvement in natural gas and NGL fundamentals. We note that all of the above, except NGL price improvement, has played out, resulting in XEC (+33.2%) year to date outperforming the XLE (+9.3%) by 23.9% and exceeding our price target."

For an analyst ratings summary and ratings history on Cimarex Energy click here. For more ratings news on Cimarex Energy click here.

Shares of Cimarex Energy closed at $76.88 yesterday, with a 52 week range of $46.19-$82.89.

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