Is Selling Cimarex Energy Co (XEC) Here a Winning Strategy? The Stock Formed Bearish Multiple Bottom

September 17, 2017 - By Linda Rogers

Investors sentiment increased to 1.06 in Q4 2016. Its up 0.01, from 1.05 in 2016Q3. It improved, as 40 investors sold Cimarex Energy Co shares while 148 reduced holdings. 48 funds opened positions while 152 raised stakes. 85.93 million shares or 1.14% more from 84.95 million shares in 2016Q3 were reported.
Alliancebernstein Limited Partnership holds 0.02% or 174,992 shares. Cibc Ww Mkts holds 0% or 2,186 shares. Public Employees Retirement Association Of Colorado invested in 116,775 shares. Bokf Na holds 0.01% or 1,535 shares. Kanaly Trust owns 4,352 shares. Essex Mgmt Co Lc accumulated 4,644 shares or 0.1% of the stock. Raymond James & has 86,015 shares for 0.03% of their portfolio. Trust Of Toledo Na Oh accumulated 0.11% or 2,885 shares. Moreover, Cypress Asset Mgmt Inc Tx has 0.12% invested in Cimarex Energy Co (NYSE:XEC). Trilogy Glob Advsr Lp reported 0.01% stake. Virtus Advisers has invested 0.05% of its portfolio in Cimarex Energy Co (NYSE:XEC). Connor Clark Lunn Inv Management Ltd has invested 0.2% of its portfolio in Cimarex Energy Co (NYSE:XEC). Toronto Dominion Fincl Bank, Ontario – Canada-based fund reported 16,377 shares. Janus Cap Mngmt Ltd Liability has 468,089 shares for 0.05% of their portfolio. Neuberger Berman Group Ltd has 0.11% invested in Cimarex Energy Co (NYSE:XEC) for 593,593 shares.

Since May 15, 2017, it had 0 insider purchases, and 3 selling transactions for $1.00 million activity. The insider JORDEN THOMAS E sold $291,004. TEAGUE L PAUL sold $124,560 worth of stock or 1,038 shares.

The stock of Cimarex Energy Co (XEC) shows a multiple bottoms pattern with $100.32 target or 6.00 % below today’s $106.72 share price. The 7 months chart pattern indicates high risk for the $10.17 billion company. It was reported on Sep, 17 by Finviz.com. If the $100.32 price target is reached, the company will be worth $610.20M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 0.01% or $0.01 on September 15, reaching $106.72. About 1.26 million shares traded or 10.53% up from the average. Cimarex Energy Co (NYSE:XEC) has risen 1.88% since September 17, 2016 and is uptrending. It has underperformed by 14.82% the S&P500.

Wall Street await Cimarex Energy Co (NYSE:XEC) to release earnings on November, 1. Analysts forecast earnings per share of $0.95, up exactly $0.54 or 131.71 % from 2014’s $0.41 EPS. The expected XEC’s profit could reach $90.53M giving the stock 28.08 P/E in the case that $0.95 earnings per share is reported. After posting $1.06 EPS for the previous quarter, Cimarex Energy Co’s analysts now forecast -10.38 % negative EPS growth.

Cimarex Energy Co (NYSE:XEC) Ratings Coverage

Among 30 analysts covering Cimarex Energy (NYSE:XEC), 19 have Buy rating, 1 Sell and 10 Hold. Therefore 63% are positive. Cimarex Energy had 85 analyst reports since July 21, 2015 according to SRatingsIntel. The firm has “Overweight” rating given on Friday, February 19 by Barclays Capital. As per Friday, January 20, the company rating was downgraded by KLR Group. The firm has “Outperform” rating by Wells Fargo given on Wednesday, August 31. The stock of Cimarex Energy Co (NYSE:XEC) earned “Buy” rating by Cowen & Co on Tuesday, July 18. Citigroup maintained it with “Buy” rating and $120 target in Friday, July 21 report. The rating was upgraded by KLR Group on Friday, February 17 to “Buy”. The rating was upgraded by JP Morgan on Thursday, December 8 to “Overweight”. The rating was downgraded by SunTrust on Tuesday, January 17 to “Hold”. CLSA upgraded the shares of XEC in report on Wednesday, August 12 to “Underperform” rating. Canaccord Genuity maintained the shares of XEC in report on Thursday, August 11 with “Hold” rating.

More important recent Cimarex Energy Co (NYSE:XEC) news were published by: Gurufocus.com which released: “Charles de Vaulx Buys Cimarex Energy Co, Allied Irish Banks PLC, Miraca …” on September 11, 2017, also Realmoney.Thestreet.com published article titled: “Cimarex Energy Is Slowly Improving”, Nasdaq.com published: “Charles de Vaulx Buys Cimarex Energy Co, Allied Irish Banks PLC, Miraca …” on September 12, 2017. More interesting news about Cimarex Energy Co (NYSE:XEC) was released by: Nasdaq.com and their article: “Cimarex Energy Co (XEC) Ex-Dividend Date Scheduled for September 14, 2017” with publication date: September 13, 2017.

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