UBS Downgrades Cimarex Energy (XEC) to Neutral
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UBS analyst Lloyd Byrne downgraded Cimarex Energy (NYSE: XEC) from Buy to Neutral with a price target of $83.00 (from $91.00).
The analyst commented, "We are lowering our rating on XEC to Neutral based on valuation. One of the most asked questions in E&P today is, "will the merger close?" Our working assumption is yes. Based on pro forma valuation, XEC/COG pro forma trades close to peers based on valuation, growth and balance sheet metrics (Fig 1). We’ve also adjusted XEC’s stand alone price target lower based on a higher risk premium tied to management / capital efficiency uncertainty."
Shares of Cimarex Energy closed at $69.81 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
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