Cimarex Energy Co. (NYSE: XEC) had its price target increased by equities researchers at Citigroup Inc. from $149.00 to $157.00. The company currently has a rating of Buy on the shares. A number of other analysts have spoken on the stock recently, and Cimarex Energy Co. has earned a consensus one-year price target of $142.52, higher than the opening price of $129.13, a difference of 10.76 percent. Cimarex Energy Co. stock has a 52-week high of $136.95.
U.S. stocks finished higher on Monday as investor fears for an interest rate hike subsided after Federal Reserve Board Governor Lael Brainard urged caution about removing monetary stimulus too quickly.
The Dow Jones Industrial Average DJIA, +1.32% surged 239.62 points, or 1.3%, to close at 18,325.07, after jumping as high as 273 points.
The S&P 500 SPX, +1.47% rose 31.23 points, or 1.5%, to finish at 2,159.04, with all sectors closing in positive territory.
Meanwhile, the Nasdaq Composite Index COMP, +1.68% finished up 85.98 points, or 1.7%, at 5,211.89, propelled by a rally in biotechnology shares
Share prices sometimes get a bounce to the upside when analysts inititate coverage.
Shares of Cimarex Energy Co. (NYSE: XEC) opened at $129.13 yesterday and traded in a range between, $128.40 and $132.76, and last traded at $132.43, which represents a change of $ 1.82 over the previous closing price.
Cimarex Energy Co. (NYSE: XEC) now has a market cap of 12.58B
The stocks average daily volume is 858,633 shares out of a total float 93,416,000 of and some 977,684 shares traded hands yesterday, 110 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind Cimarex Energy Co. (NYSE: XEC) now has a 50-day MA is $127.92 and 200-day MA is $113.49, and it has traded in a 52-week range between $72.77 – 136.95 and today’s last price is -0.03 percent off the 52 week high of $136.95.
Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.
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