PDCE - Cimarex surges as Goldman raises to Buy seeing extended gains after run-up

Cimarex Energy ([[XEC]] +3.4%) surges to its highest level since February after Goldman Sachs upgrades shares to Buy from Neutral with a $48 price target, up from $46, citing low leverage and high free cash flow yield supported by a bullish commodity outlook.Cimarex is up 52% since the start of November, but the stock can continue to outperform "driven by greater appreciation" for potential of increased shareholder returns due to higher energy prices in 2021, Goldman's Brian Singer says.Exxon Mobil ([[XOM]] +2.4%) trades higher after Goldman's Neil Mehta upgraded shares to Buy from Neutral, the company's second Wall Street upgrade in two days.The firm also adds Devon Energy ([[DVN]] +1.6%) to its Americas Conviction List while removing EOG Resources ([[EOG]] +1.1%), and says Magnolia Oil & Gas ([[MGY]] +1.1%) and PDC Energy ([[PDCE]] -1.7%) are well positioned among small- and mid-caps.

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Cimarex surges as Goldman raises to Buy, seeing extended gains after run-up