UBS Downgrades Cimarex Energy (XEC) to Neutral

June 15, 2021 9:47 AM EDT
Get Alerts XEC Hot Sheet
Price: $64.55 +0.05%

Rating Summary:
    26 Buy, 20 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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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."

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 $69.81 yesterday.

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