Stock Monitor: VAALCO Energy Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 23, 2018 / Active-Investors.com has just released a free earnings report on Cimarex Energy Co. (NYSE: XEC) ("Cimarex"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=XEC. The Company posted its financial results on February 14, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Company's total revenues and adjusted diluted earnings per share (EPS) increased y-o-y during the reported quarter, beating Wall Street's estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for VAALCO Energy, Inc. (NYSE: EGY), which also belongs to the Basic Materials sector as the Company Cimarex Energy. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cimarex Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=XEC
Earnings Highlights and Summary
During Q4 FY17, Cimarex's total revenues were $550.94 million, which came in higher than the $382.16 million recorded in Q4 FY16. The Company's total revenue numbers for the reported quarter topped market consensus estimates of $532 million.
The oil and gas Company reported a net income of $174.70 million, or $1.83 per diluted share, in Q4 FY17 compared to $47.78 million, or $0.50 per diluted share, in Q4 FY16. The Company's adjusted net income increased to $140.05 million, or $1.47 per diluted share, in Q4 FY17 from $66.37 million, or $0.70 per diluted share, in the prior year's same quarter. Market analysts had forecasted the Company to report an adjusted net income of $1.39 per share in Q4 FY17.
For the full year FY17, Cimarex's operating revenues stood at $1.92 billion compared to $1.26 billion in FY16. The Company's net income was $494.33 million, or $5.19 per diluted share, in FY17 versus a net loss of $408.80 million, or $4.38 loss per diluted share, in FY16. Furthermore, the Company reported an adjusted net income of $443.22 million, or $4.65 per diluted share, in FY17 compared to $113.19 million, or $1.19 per diluted share, in FY16.
Operating Metrics
The Denver, Colorado-based Company's total operating costs and expenses increased to $367.72 million in Q4 FY17 from $277.09 million in the past year's comparable quarter. The Company's operating income rose to $183.23 million in Q4 FY17 from $105.07 million in Q4 FY16. Furthermore, the Company's income before income taxes stood at $174.20 million in Q4 FY17 compared to $92.87 million in Q4 FY16.
In Q4 FY17, Cimarex's oil production volume increased to 61,771 barrels (Bbl) from 45,567 Bbl in Q4 FY16. The oil realized price increased to $51.68 per Bbl in the reported quarter, up from $44.67 per Bbl in the previous year's corresponding quarter.
The quarterly production volume of gas totaled 534.0 billion cubic feet (MMcf) in Q4 FY17, which was higher than 457.2 MMcf in Q4 FY16. The Company's average total gas realized price was $2.58 per Mcf in Q4 FY17 compared to $2.86 per Mcf in Q4 FY16.
Natural gas liquids (NGL) production volume also increased to 49,954 Bbl in Q4 FY17 from 38,184 Bbl in Q4 FY16. Furthermore, NGL realized price was $25.88 per Bbl in Q4 FY17 compared to $18.15 per Bbl in Q4 FY16.
In the reported quarter, the Company' total production was 200,729 barrels of oil equivalent (BOE) compared to 159,951 BOE in Q4 FY16. Meanwhile, total equivalent production was 1,204.4 MMcfe in Q4 FY17 compared to 959.7 MMcfe in Q4 FY16.
Cash Matters and Balance Sheet
In the quarter ended December 31, 2017, Cimarex generated $340.76 million as net cash provided by operating activities compared to $185.06 million in the prior year's same quarter. The Company's adjusted cash flow stood at $357.10 million in the reported quarter versus $218.74 million in Q4 FY16.
The Company's cash and cash equivalents balance fell to $400.53 million as on December 31, 2017, from $652.88 million at the close of books on December 31, 2016. Furthermore, the Company's net long-term debt stood flat at $1.49 billion as on December 31, 2017.
Dividend
In a separate press release on February 23, 2018, Cimarex's Board of Directors declared a quarterly cash dividend on its common stock of $0.16 per share. The dividend is payable on June 01, 2018, to stockholders of record as on May 15, 2018.
Stock Performance Snapshot
March 22, 2018 - At Thursday's closing bell, Cimarex Energy's stock was marginally down 0.44%, ending the trading session at $94.25.
Volume traded for the day: 1.30 million shares, which was above the 3-month average volume of 1.21 million shares.
After yesterday's close, Cimarex Energy's market cap was at $8.95 billion.
Price to Earnings (P/E) ratio was at 20.76.
The stock has a dividend yield of 0.68%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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