CIMAREX ENERGY $114.82 (New York symbol XEC; TSINetwork Rating: Extra Risk) (303-295-3995; www.cimarex.com; Shares outstanding: 94.5 million; Market cap: $10.9 billion; Dividend yield: 0.6%) produces and explores for natural gas and oil. Gas makes up 64% of the company’s output; the remaining 36% is oil.
Cimarex’s properties are mostly in the Wolfcamp shale area of the Permian Basin in Texas and New Mexico, as well as the Cana-Woodford shale region in western Oklahoma.
In the three months ended June 30, 2015, the company’s production averaged 1.03 billion cubic feet of natural gas equivalent a day, up 22.4% from 838.7 million cubic feet a year earlier.
But even with the higher output, Cimarex’s cash flow per share declined by 47.5%, to $2.72 from $5.18, due to lower oil and gas prices. Its long-term debt of $1.5 billion is a low 13.8% of its market cap.
The stock trades at 10.6 times Cimarex’s annual cash flow of $10.88 share, based on the latest quarter.
But as with Devon, that estimate will change along with oil and gas prices.
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