Cimarex Energy: An 'Undervalued Laggard' (XEC)

We believe Cimarex Energy (XEC) -- currently trading at $41 -- offers 55% appreciation potential over our estimated net present value of $64 a share.

Taking account of latest quarterly results, the first to include the Magnum Hunter acquisition that doubled production, our correlation of 30 companies indicates net present value about $6 a share higher than estimated. The stock is a notable “undervalued laggard