Permian is 'Gift That Keeps Giving', DB Raises Cimarex Energy (XEC) PT to $99

Deutsche Bank today maintained a Buy rating on Cimarex Energy (NYSE: XEC) and raised its price target to $99.00 (from $80.00). Analyst Ryan Todd called the Permian the "gift that keeps on giving".

"While the Bone Springs (and to a lesser extent Avalon) have dominated horizontal drilling to date, we view the emergence of the Delaware Wolfcamp as the next big driver in Permian value, potentially offering the type of repeatable, long-lived inventory upside that has stoked investors' expectations in the Midland Basin," said the analyst.

Concho Resources, Inc. (NYSE: CXO) and EOG Resources, Inc. (NYSE: EOG) are also rated Buy.

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 $74.29 yesterday.

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