Cimarex Energy (XEC) Update - Mar 18

dan_s · Post by **dan_s** » Wed Mar 18, 2020 11:22 am

Note from Stifel

Cimarex Energy Co. (XEC, $13.25, Hold; Target $18.00)
Updated 2020 Plan Maintains Oil Production, Funds Dividend, Preserves Balance Sheet - Michael S. Scialla

XEC's updated 2020 plan is expected to fund the dividend and maintain flat y/y oil growth based on a $30 WTI price. Stress testing the balance sheet at $35 WTI through YE21 suggests debt metrics remain strong although oil production would decline 12% next year.