DENVER (AP) _ Cimarex Energy Co. (XEC) on Monday reported fourth-quarter net income of $24.7 million, after reporting a loss in the same period a year earlier.
The Denver-based company said it had net income of 25 cents per share. Earnings, adjusted for non-recurring costs, were 89 cents per share.
The results beat Wall Street expectations. The average estimate of 20 analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The oil and natural gas company posted revenue of $434.7 million in the period, also beating Street forecasts. Twenty-one analysts surveyed by Zacks expected $426.7 million.
For the year, the company reported that its loss widened to $1.97 billion, or $19.73 per share. Revenue was reported as $1.56 billion.
Cimarex shares have increased 39% since the beginning of the year. In the final minutes of trading on Monday, shares hit $52.01, a rise of 20% in the last 12 months.