NEW YORK (TheStreet) -- Shares of Cimarex Energy (XEC) are trading up by 0.29% to $119.20 in after-hours trading on Tuesday amid rising oil prices due to forecasts of an overall slowdown in U.S. crude production expected later in the year.
Crude oil (WTI) rose by 3.08% to $59.93 per barrel and Bent crude advanced by 3.09% to $64.64 per barrel, according to the CNBC.com index.
While oil output in May was at its highest monthly output in more than four decades, production is supposed to slow down during the second half of the year, the U.S. government said, according to MarketWatch.
Late Monday, the U.S. Energy Information Administration released its drilling productivity report, showing that oil production in the seven top shale regions is expected to fall by 91,000 barrels a day to 5.5 million barrels a day in July compared to June, The Wall Street Journal reports.
Separately, TheStreet Ratings team rates CIMAREX ENERGY CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CIMAREX ENERGY CO (XEC) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."