JPMorgan analyst Arun Jayaram downgraded Cimarex Energy to Neutral from Overweight and lowered his price target for the shares to $110 from $125. The downgrade reflects the analyst's reduced oil production outlook and margin pressure from weaker than expected realizations. In Q2, Cimarex's Permian Basin oil mix deteriorated by an unexpected 356 basis points to 40.1%, Jayaram tells investors in a research note. He no longer sees upside to consensus oil forecasts and believes margin compression from widening oil and gas differentials presents another headwind for Cimarex Energy.