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Cimarex Energy shares fell about 3% on Tuesday after Goldman Sachs' analysts downgraded the shares and trimmed their price target by 18%.

Analysts now rate the shares, which are included in The Street's Action Alerts Plus Portfolio managed by Jim Cramer, a neutral, down from a buy earlier.

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The bank also trimmed its EPS targets for the shares to $4.08 in 2017, down from a previous $4.35.

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FY 2017 EPS estimate falls from $4.35 to $4.08, FY 2018 EPS estimate remains at $4.28, and FY 2019 EPS estimate remains at $5.18.

Cimares shares fell 2.85% in Tuesday morning trade.

Earlier this month Bruce Kamich, a technical analyst at The Street's sister publication Real Money, opined that Cimarex had stabilized since the middle of March and looked ready to try the upside again as the summer approaches. XEC has been trying to stay above the declining 50-day moving average line but is still below the flat 200-day moving average line.

The On-Balance-Volume (OBV) line stabilized in March and has been rising since early April. The Moving Average Convergence Divergence (MACD) oscillator gave cover shorts buy signals in March and could soon cross the zero line for an outright go long signal.