Intrinsic value of Cimarex Energy Co - XEC

Previous Close

$69.25

  Intrinsic Value

$133.39

stock screener

  Rating & Target

str. buy

+93%

Previous close

$69.25

 
Intrinsic value

$133.39

 
Up/down potential

+93%

 
Rating

str. buy

We calculate the intrinsic value of XEC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.30
  12.47
  11.72
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
Revenue, $m
  2,650
  2,981
  3,330
  3,698
  4,084
  4,489
  4,911
  5,352
  5,810
  6,288
  6,784
  7,300
  7,836
  8,393
  8,972
  9,574
  10,200
  10,851
  11,529
  12,235
  12,970
  13,736
  14,535
  15,369
  16,239
  17,148
  18,097
  19,089
  20,127
  21,212
Variable operating expenses, $m
  1,184
  1,324
  1,472
  1,628
  1,792
  1,963
  2,142
  2,328
  2,523
  2,725
  2,873
  3,091
  3,319
  3,554
  3,800
  4,055
  4,320
  4,595
  4,882
  5,181
  5,493
  5,817
  6,156
  6,509
  6,877
  7,262
  7,664
  8,084
  8,524
  8,983
Fixed operating expenses, $m
  340
  348
  355
  363
  371
  379
  388
  396
  405
  414
  423
  432
  442
  452
  462
  472
  482
  493
  504
  515
  526
  537
  549
  561
  574
  586
  599
  612
  626
  640
Total operating expenses, $m
  1,524
  1,672
  1,827
  1,991
  2,163
  2,342
  2,530
  2,724
  2,928
  3,139
  3,296
  3,523
  3,761
  4,006
  4,262
  4,527
  4,802
  5,088
  5,386
  5,696
  6,019
  6,354
  6,705
  7,070
  7,451
  7,848
  8,263
  8,696
  9,150
  9,623
Operating income, $m
  1,125
  1,308
  1,502
  1,707
  1,921
  2,146
  2,381
  2,627
  2,883
  3,149
  3,488
  3,776
  4,076
  4,387
  4,711
  5,048
  5,398
  5,763
  6,143
  6,539
  6,951
  7,382
  7,830
  8,299
  8,788
  9,300
  9,834
  10,393
  10,977
  11,589
EBITDA, $m
  1,812
  2,073
  2,349
  2,640
  2,946
  3,266
  3,601
  3,950
  4,314
  4,692
  5,086
  5,496
  5,922
  6,365
  6,825
  7,304
  7,802
  8,320
  8,859
  9,422
  10,007
  10,618
  11,255
  11,920
  12,614
  13,340
  14,098
  14,891
  15,720
  16,587
Interest expense (income), $m
  80
  82
  102
  122
  144
  167
  191
  217
  243
  270
  299
  329
  360
  392
  426
  461
  497
  534
  573
  614
  657
  701
  747
  795
  844
  897
  951
  1,008
  1,067
  1,129
  1,194
Earnings before tax, $m
  1,043
  1,207
  1,380
  1,563
  1,754
  1,955
  2,165
  2,384
  2,612
  2,850
  3,159
  3,416
  3,683
  3,961
  4,250
  4,551
  4,864
  5,190
  5,529
  5,882
  6,251
  6,635
  7,036
  7,454
  7,892
  8,349
  8,826
  9,326
  9,848
  10,395
Tax expense, $m
  282
  326
  373
  422
  474
  528
  585
  644
  705
  769
  853
  922
  995
  1,070
  1,148
  1,229
  1,313
  1,401
  1,493
  1,588
  1,688
  1,791
  1,900
  2,013
  2,131
  2,254
  2,383
  2,518
  2,659
  2,807
Net income, $m
  762
  881
  1,007
  1,141
  1,281
  1,427
  1,580
  1,740
  1,907
  2,080
  2,306
  2,494
  2,689
  2,892
  3,103
  3,322
  3,551
  3,788
  4,036
  4,294
  4,563
  4,843
  5,136
  5,442
  5,761
  6,094
  6,443
  6,808
  7,189
  7,588

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,625
  7,451
  8,325
  9,245
  10,211
  11,222
  12,278
  13,379
  14,526
  15,719
  16,960
  18,250
  19,590
  20,983
  22,430
  23,935
  25,500
  27,128
  28,823
  30,587
  32,425
  34,341
  36,338
  38,422
  40,598
  42,870
  45,243
  47,724
  50,317
  53,030
Adjusted assets (=assets-cash), $m
  6,625
  7,451
  8,325
  9,245
  10,211
  11,222
  12,278
  13,379
  14,526
  15,719
  16,960
  18,250
  19,590
  20,983
  22,430
  23,935
  25,500
  27,128
  28,823
  30,587
  32,425
  34,341
  36,338
  38,422
  40,598
  42,870
  45,243
  47,724
  50,317
  53,030
Revenue / Adjusted assets
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
Average production assets, $m
  4,558
  5,127
  5,728
  6,360
  7,025
  7,720
  8,447
  9,205
  9,994
  10,815
  11,669
  12,556
  13,478
  14,436
  15,432
  16,467
  17,544
  18,664
  19,830
  21,044
  22,308
  23,626
  25,001
  26,435
  27,931
  29,494
  31,127
  32,834
  34,618
  36,484
Working capital, $m
  -180
  -203
  -226
  -251
  -278
  -305
  -334
  -364
  -395
  -428
  -461
  -496
  -533
  -571
  -610
  -651
  -694
  -738
  -784
  -832
  -882
  -934
  -988
  -1,045
  -1,104
  -1,166
  -1,231
  -1,298
  -1,369
  -1,442
Total debt, $m
  1,881
  2,264
  2,668
  3,094
  3,541
  4,009
  4,498
  5,008
  5,539
  6,092
  6,666
  7,263
  7,884
  8,529
  9,199
  9,896
  10,620
  11,374
  12,159
  12,975
  13,826
  14,713
  15,638
  16,603
  17,611
  18,662
  19,761
  20,910
  22,111
  23,367
Total liabilities, $m
  3,067
  3,450
  3,854
  4,280
  4,727
  5,196
  5,685
  6,194
  6,725
  7,278
  7,853
  8,450
  9,070
  9,715
  10,385
  11,082
  11,807
  12,560
  13,345
  14,162
  15,013
  15,900
  16,825
  17,790
  18,797
  19,849
  20,948
  22,096
  23,297
  24,553
Total equity, $m
  3,558
  4,001
  4,470
  4,964
  5,483
  6,026
  6,593
  7,184
  7,800
  8,441
  9,108
  9,800
  10,520
  11,268
  12,045
  12,853
  13,694
  14,568
  15,478
  16,425
  17,412
  18,441
  19,514
  20,633
  21,801
  23,021
  24,296
  25,628
  27,020
  28,477
Total liabilities and equity, $m
  6,625
  7,451
  8,324
  9,244
  10,210
  11,222
  12,278
  13,378
  14,525
  15,719
  16,961
  18,250
  19,590
  20,983
  22,430
  23,935
  25,501
  27,128
  28,823
  30,587
  32,425
  34,341
  36,339
  38,423
  40,598
  42,870
  45,244
  47,724
  50,317
  53,030
Debt-to-equity ratio
  0.530
  0.570
  0.600
  0.620
  0.650
  0.670
  0.680
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.780
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
Adjusted equity ratio
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  762
  881
  1,007
  1,141
  1,281
  1,427
  1,580
  1,740
  1,907
  2,080
  2,306
  2,494
  2,689
  2,892
  3,103
  3,322
  3,551
  3,788
  4,036
  4,294
  4,563
  4,843
  5,136
  5,442
  5,761
  6,094
  6,443
  6,808
  7,189
  7,588
Depreciation, amort., depletion, $m
  686
  764
  847
  933
  1,024
  1,120
  1,219
  1,323
  1,431
  1,543
  1,598
  1,720
  1,846
  1,978
  2,114
  2,256
  2,403
  2,557
  2,716
  2,883
  3,056
  3,236
  3,425
  3,621
  3,826
  4,040
  4,264
  4,498
  4,742
  4,998
Funds from operations, $m
  1,448
  1,645
  1,854
  2,074
  2,305
  2,547
  2,800
  3,063
  3,338
  3,624
  3,905
  4,214
  4,535
  4,869
  5,217
  5,578
  5,954
  6,345
  6,752
  7,177
  7,619
  8,080
  8,561
  9,063
  9,587
  10,135
  10,707
  11,306
  11,931
  12,586
Change in working capital, $m
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -67
  -71
  -74
Cash from operations, $m
  1,469
  1,668
  1,878
  2,099
  2,331
  2,574
  2,828
  3,093
  3,369
  3,656
  3,938
  4,249
  4,572
  4,907
  5,256
  5,619
  5,997
  6,389
  6,799
  7,225
  7,669
  8,132
  8,615
  9,120
  9,646
  10,197
  10,772
  11,373
  12,002
  12,660
Maintenance CAPEX, $m
  -551
  -624
  -702
  -785
  -871
  -962
  -1,058
  -1,157
  -1,261
  -1,369
  -1,481
  -1,598
  -1,720
  -1,846
  -1,978
  -2,114
  -2,256
  -2,403
  -2,557
  -2,716
  -2,883
  -3,056
  -3,236
  -3,425
  -3,621
  -3,826
  -4,040
  -4,264
  -4,498
  -4,742
New CAPEX, $m
  -535
  -568
  -601
  -633
  -664
  -696
  -727
  -758
  -789
  -821
  -854
  -887
  -922
  -958
  -996
  -1,035
  -1,077
  -1,120
  -1,166
  -1,214
  -1,265
  -1,318
  -1,374
  -1,434
  -1,497
  -1,563
  -1,633
  -1,707
  -1,784
  -1,866
Cash from investing activities, $m
  -1,086
  -1,192
  -1,303
  -1,418
  -1,535
  -1,658
  -1,785
  -1,915
  -2,050
  -2,190
  -2,335
  -2,485
  -2,642
  -2,804
  -2,974
  -3,149
  -3,333
  -3,523
  -3,723
  -3,930
  -4,148
  -4,374
  -4,610
  -4,859
  -5,118
  -5,389
  -5,673
  -5,971
  -6,282
  -6,608
Free cash flow, $m
  383
  475
  575
  681
  795
  916
  1,044
  1,178
  1,319
  1,466
  1,603
  1,763
  1,930
  2,103
  2,283
  2,470
  2,664
  2,866
  3,076
  3,294
  3,522
  3,758
  4,004
  4,261
  4,528
  4,807
  5,098
  5,402
  5,720
  6,052
Issuance/(repayment) of debt, $m
  363
  383
  404
  426
  447
  468
  489
  510
  531
  553
  575
  597
  621
  645
  670
  697
  725
  754
  784
  817
  851
  887
  925
  965
  1,007
  1,052
  1,099
  1,148
  1,201
  1,256
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  363
  383
  404
  426
  447
  468
  489
  510
  531
  553
  575
  597
  621
  645
  670
  697
  725
  754
  784
  817
  851
  887
  925
  965
  1,007
  1,052
  1,099
  1,148
  1,201
  1,256
Total cash flow (excl. dividends), $m
  746
  857
  979
  1,107
  1,243
  1,384
  1,533
  1,688
  1,850
  2,019
  2,178
  2,360
  2,550
  2,748
  2,953
  3,166
  3,389
  3,620
  3,861
  4,111
  4,373
  4,645
  4,929
  5,226
  5,536
  5,859
  6,197
  6,551
  6,921
  7,308
Retained Cash Flow (-), $m
  -422
  -444
  -469
  -494
  -519
  -543
  -567
  -591
  -616
  -641
  -666
  -693
  -720
  -748
  -777
  -808
  -840
  -874
  -910
  -947
  -987
  -1,029
  -1,073
  -1,119
  -1,168
  -1,220
  -1,275
  -1,332
  -1,393
  -1,457
Prev. year cash balance distribution, $m
  194
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  518
  414
  510
  613
  724
  842
  966
  1,097
  1,234
  1,378
  1,511
  1,668
  1,830
  2,000
  2,176
  2,358
  2,548
  2,746
  2,951
  3,164
  3,386
  3,616
  3,857
  4,107
  4,367
  4,639
  4,923
  5,219
  5,528
  5,851
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  496
  379
  444
  505
  561
  611
  653
  686
  709
  722
  718
  712
  696
  671
  639
  599
  554
  506
  454
  402
  350
  300
  253
  209
  170
  135
  106
  81
  60
  44
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Cimarex Energy Co. is an independent oil and gas exploration and production company. The Company operates in exploration and production (E&P) segment. Its operations are located in Oklahoma, Texas and New Mexico. Its E&P activities take place primarily in two areas: the Permian Basin and the Mid-Continent region. Its Permian Basin region encompasses west Texas and southeast New Mexico. Its Mid-Continent region consists of Oklahoma and the Texas Panhandle. As of fiscal year ended December 31, 2016 (fiscal 2016), its activities in the Mid-Continent were focused in the Woodford shale and the Meramec horizon, both in Oklahoma. During fiscal 2016, production from the Mid-Continent averaged 457 millions of cubic feet equivalent (MMcfe) per day, or 47% of total company production. All of the Company's oil and gas assets are located in the United States. As of December 31, 2016, 63% of its total proved reserves were located in the Mid-Continent region and 37% were in the Permian Basin.

FINANCIAL RATIOS  of  Cimarex Energy Co (XEC)

Valuation Ratios
P/E Ratio -16.1
Price to Sales 5.2
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow -53.6
Growth Rates
Sales Growth Rate -13.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.2%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 72.8%
Total Debt to Equity 72.8%
Interest Coverage -7
Management Effectiveness
Return On Assets -8%
Ret/ On Assets - 3 Yr. Avg. -12.8%
Return On Total Capital -10.9%
Ret/ On T. Cap. - 3 Yr. Avg. -17.8%
Return On Equity -18.2%
Return On Equity - 3 Yr. Avg. -26.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 63.9%
Gross Margin - 3 Yr. Avg. 68.2%
EBITDA Margin -12%
EBITDA Margin - 3 Yr. Avg. -55.2%
Operating Margin -45.5%
Oper. Margin - 3 Yr. Avg. -95.5%
Pre-Tax Margin -49.6%
Pre-Tax Margin - 3 Yr. Avg. -98%
Net Profit Margin -32.5%
Net Profit Margin - 3 Yr. Avg. -62.8%
Effective Tax Rate 34.3%
Eff/ Tax Rate - 3 Yr. Avg. 35.9%
Payout Ratio -9.3%

XEC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XEC stock intrinsic value calculation we used $2339 million for the last fiscal year's total revenue generated by Cimarex Energy Co. The default revenue input number comes from 0001 income statement of Cimarex Energy Co. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our XEC stock valuation model: a) initial revenue growth rate of 13.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for XEC is calculated based on our internal credit rating of Cimarex Energy Co, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cimarex Energy Co.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of XEC stock the variable cost ratio is equal to 45%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $333 million in the base year in the intrinsic value calculation for XEC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Cimarex Energy Co.

Corporate tax rate of 27% is the nominal tax rate for Cimarex Energy Co. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the XEC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for XEC are equal to 172%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Cimarex Energy Co operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for XEC is equal to -6.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3329.786 million for Cimarex Energy Co - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 101.342 million for Cimarex Energy Co is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cimarex Energy Co at the current share price and the inputted number of shares is $7.0 billion.

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