Apparently investor Carl Icahn has purchased 1.4 million shares of Cimarex for $60 million according to press reports of disclosures as of year-end. Occasionally a past client, Mr. Icahn has amassed a fortune reputed to be $7 billion by investing and sometimes taking an active role in undervalued stocks including Phillips Petroleum, predecessor of buy-recommended ConocoPhillips (COP), and USX, when it owned buy-recommended Marathon Oil (MRO), in our experience.
Our analysis confirms undervaluation as we see it in Cimarex. We have longtime confidence in the capability and integrity of XEC Chairman Mick Merelli whom we believe wants the best for Cimarex and its stockholders.
Original Publication Date: 02/16/06
Kurt Wulff's McDep Associates offers realtime, independent research services for investors in the energy and utilities sectors. For more information, go to www.mcdep.com or email Mr. Wulff at email@example.com.