Cimarex beats Street 4Q forecasts

Cimarex Energy tops 4Q net income and revenue expectations

DENVER (AP) _ Cimarex Energy Co. (XEC) on Wednesday reported fourth-quarter net income of $38.2 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Denver-based company said it had net income of 40 cents. Earnings, adjusted for non-recurring costs, came to 60 cents per share.

The results surpassed Wall Street expectations. The average estimate of 30 analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The oil and natural gas company posted revenue of $382.2 million in the period, also beating Street forecasts. Thirty-four analysts surveyed by Zacks expected $372 million.

For the year, the company reported that its loss narrowed to $431 million, or $4.62 per share. Revenue was reported as $1.26 billion.

Cimarex shares have decreased 1 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $134.36, a climb of 59 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XEC at https://www.zacks.com/ap/XEC

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Keywords: Cimarex Energy, Earnings Report

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