CIMAREX ENERGY $74.03 (New York symbol XEC; TSINetwork Rating: Extra Risk) (303-295-3995; www.cimarex.com; Shares outstanding: 86.4 million; Market cap: $6.2 billion; Dividend yield: 0.8%) produces and explores for oil and natural gas. Gas makes up 49% of its output.
Cimarex’s properties are in the Mid-Continent region of the U.S., which includes Oklahoma, Kansas and Texas (52% of production); the Permian Basin of western Texas and southeastern New Mexico (43%); and the Texas Gulf Coast (5%).
In the three months ended December 31, 2012, Cimarex’s production averaged 676.7 million cubic feet of natural gas equivalent per day (including oil). That’s up 12.5%, from 601.4 million cubic feet a year earlier. Thanks to the higher production, Cimarex’s cash flow per share fell just 4.2%, to $3.46 from $3.61, despite lower oil and gas prices.
To increase its production, the company will spend as much as $1.5 billion on exploration and development this year.
Cimarex trades at 5.3 times its forecast 2013 cash flow of $13.84 a share, based on the latest quarter. Its total debt of $750 million is a low 12.1% of its market cap.
The company has raised its quarterly dividend by 16.7%, to $0.14 from $0.12. The shares now yield 0.8%. This is the fourth consecutive year that Cimarex has raised its dividend.
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