Cimarex Energy Slips To Loss In Q4, But Stock Up

(RTTNews) - Cimarex Energy Co. (XEC) reported a net loss for fourth quarter 2019 of $384.1 million or $3.87 per share, compared to net income of $316.2 million or $3.32 per share, in the same period a year ago. The latest-quarter result was negatively impacted by a non-cash charge related to the impairment of oil and gas properties.

XEC closed Wednesday regular trading at $40.66 up $1.73 or 4.44 percent. In the after-hours trade, the stock further gained $2.94 or 7.23 percent.

Adjusted net income was $120.4 million or $1.18 per share, compared to $192.1 million or $2.01 per share in the same period a year ago.

Revenues for the quarter were $657.24 million up from $624.12 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share and revenues of $618.71 million for the fourth-quarter. Analysts' estimates typically exclude special items.

Cimarex Energy announced its projected 2020 total capital investment, including midstream capital, of $1.25 - 1.35 billion.

The company has declared a quarterly cash dividend on its common stock of $0.22 per share, a ten percent increase from the previous dividend. The dividend is payable on June 1, 2020, to stockholders of record on May 15, 2020.