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Fly News Breaks for May 20, 2019
REN, XEC
May 20, 2019 | 07:28 EDT
As previously reported, SunTrust analyst Neal Dingmann upgraded Cimarex Energy (XEC) to Buy and raised his price target to $85 from $75. The analyst cites the company's valuation as one of only two Permian E&Ps with a enterprise value to expected 2020 EBITDA multiple of around 4-times as well as its status of being free cash flow positive, which is "unlike most other Permian companies." Dingmann adds that Cimarex Energy offers "stable operations" with upside coming from its recent Resolute Energy (REN) acquisition.
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