KLR Group upgraded Cimarex Energy (NYSE: XEC) from Hold to Accumulate with a price target of $152.00 (from $143.00) on lower capital intensity.

Analyst John Gerdes commented, "We are upgrading XEC from Hold to Accumulate. We are increasing our target price $9 to $152 per share due to 5%-10% lower capital intensity implied in preliminary ’17 guidance partly offset by slightly lower liquids composition. In the past month, XEC has depreciated ~15%, underperforming the sector by almost 10%, and now reflects sufficient upside to merit an Accumulate rating.

Our ’17 production expectation of ~1,075 Mmcfepd is at the midpoint of company guidance (1,050-1,100 Mmcfepd)."

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Shares of Cimarex Energy closed at $120.11 yesterday.