Long Position on XEC @ $73.75 on 7/12/2021 (Fundamentals)

Cimarex Energy Co. (XEC) operates as an independent oil and gas exploration and production company primarily in Texas, Oklahoma, and New Mexico.

As of December 31, 2020, it had a total proved reserves of 531.0 million barrels of oil equivalent; 1.36 trillion cubic feet of proved gas reserves; 144.1 million barrels (MMBbls) of proved oil reserves; and 159.8 MMBbls of natural gas liquids reserves primarily located in the Permian Basin and Mid-Continent regions.

The company also owned an interest in 2,765 net productive oil and gas wells. 

Cimarex Energy reported 1st Quarter March 2021 earnings of $1.98 per share on revenue of $679.5 million. The consensus earnings estimate was $1.97 per share on revenue of $555.0 million. Revenue grew 43.7% on a year-over-year basis.

With crude oil prices at a high and nearing a buy point, this stock should head higher to break out of it's "bullish wedge" formation.

Entry Point: $73.75

Stop Loss: $70.00

Trading Range: $22.39 - $74.97

Target Price: $81.00

Position closed on 8/26/2021 at price of $69.99 with a -5.10% loss in 44 days.

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