Initiating Coverage of Cimarex Energy With $75 FVE
We are initiating coverage of Cimarex Energy with a fair value estimate of $75 per share and a no-moat rating. Although the shares trade at a discount to our fair value estimate, our very high uncertainty rating leaves them in 3-star territory. Cimarex is a pure-play U.S. shale producer with acreage in the Permian (Texas and New Mexico) and Anadarko (Oklahoma) basins.Currently, Cimarex’s main drilling focus is the Delaware portion of the Permian Basin, the lowest-cost source of oil in North Ame...
Cimarex Energy is an independent oil and gas exploration and production company. The company's operations are mainly located in Texas, New Mexico, and Oklahoma. The company's operations are focused in two main areas: the Permian Basin and the Mid-Continent. The company's Permian Basin region encompasses west Texas and southeast New Mexico. The company's Mid-Continent region consists of Oklahoma and the Texas Panhandle.
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