Morningstar

Morningstar, Inc.

Equity Bottom-Up

West Texas Intermediate crude oil has fallen from over $65 a barrel in late April to about $54/bbl today, a hair below our midcycle forecast of $55/bbl. The slump has dragged most exploration and production stocks down with it, with 22 of the 23 names we cover now trading below our fair value estimates. The median and mean discounts are 12% and 16%, respectively. We see more upside than that for industry cost leaders like Diamondback Energy and Pioneer Natural Resources, which are better…

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…

United States

Cimarex Energy Co. explores for and produces crude oil and natural gas in the United States.  The Company conducts activities primarily in Oklahoma, Kansas, Louisiana, and Texas.

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