Cimarex Energy Co. (NYSE:XEC) changed -12.19% to recent value of $13.25. The stock transacted 5286767 shares during most recent day however it has an average volume of 2.91M shares. It spotted trading -81.83% off 52-week high price. On the other end, the stock has been noted 1.84% away from the low price over the last 52-weeks.
On March 17, 2020, Cimarex Energy Co. (NYSE:XEC) reported that, due to the recent drop in oil prices, it expects a 40-50 percent reduction in its 2020 capital investment program from its original guidance of $1.25-$1.35 billion.
Cimarex Chairman, President and CEO, Tom Jorden, said, We are taking action in these challenging times. Our top priority is to preserve our balance sheet strength. Our revised outlook assumes $30 per barrel WTI price for the remainder of 2020. Under this scenario, Cimarex will not incur additional debt in 2020 and will generate sufficient free cash flow to preserve payment of our dividend to our shareholders. He went on to say, This capital level holds annual oil production flat with 2019 levels and the investments we are making significantly exceed our hurdle rate of return, a testament to the quality of our assets.
Cimarex will continue to monitor commodity price developments and will adjust capital spending plans in response to this dynamic environment. The company plans to provide a more comprehensive update as part of its first quarter earnings release in May.
XEC has a gross margin of 76.40% and an operating margin of -5.10% while its profit margin remained -5.60% for the last 12 months. Its earnings per share (EPS) expected to touch remained -116.00% for this year while earning per share for the next 5-years is expected to reach at 11.17%.
The company has 111.78M of outstanding shares and 100.30M shares were floated in the market. According to the most recent quarter its current ratio was 0.8 that represents company’s ability to meet its current financial obligations. The price moved ahead of -54.62% from the mean of 20 days, -66.97% from mean of 50 days SMA and performed -71.35% from mean of 200 days price. Company’s performance for the week was -25.23%, -66.33% for month and YTD performance remained -74.76%.