Magnum Hunter Resources Corp. Rating Reiterated by Topeka Capital Markets (MHR)
Magnum Hunter Resources Corp. (NYSE:MHR)‘s stock had its “buy” rating restated by investment analysts at Topeka Capital Markets in a note issued to investors on Monday, StockRatingsNetwork.com reports. They currently have a $8.50 price target on the stock, up from their previous price target of $6.50. Topeka Capital Markets’ price objective indicates a potential upside of 34.28% from the stock’s previous close.
The analysts wrote, “While MHR shares have significantly outperformed (up 55.9% since our top pick status on August 22, 2013 vs. peers at 15.5%), we continue to see upside from its asset base and the optionality it provides via potential asset sales and/or JVs. We have discussed several assets earmarked for sale (non-core assets, Eureka Hunter midstream, Utica JV); however, we also believe MHR has the option to sell down a portion of its Marcellus assets. We believe the recent move higher is attributable to speculation around upcoming asset sales, which do not come as a surprise to us, given its rich asset base in the Marcellus/Utica. In this note, we revise higher our RNAV to $10.25 following recent non-core asset sales and as we ascribe greater value to its Marcellus/Utica assets (still at a significant discount to peers). Consequently, we are raising our price target to $8.50 (from $6.50).”
In other Magnum Hunter Resources Corp. news, SVP Brian Burgher sold 144,000 shares of Magnum Hunter Resources Corp. stock on the open market in a transaction dated Monday, September 16th. The shares were sold at an average price of $5.45, for a total value of $784,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Magnum Hunter Resources Corp. (NYSE:MHR) traded down 2.13% on Monday, hitting $6.195. 2,979,052 shares of the company’s stock traded hands. Magnum Hunter Resources Corp. has a 1-year low of $2.37 and a 1-year high of $6.39. The stock’s 50-day moving average is $4.9 and its 200-day moving average is $3.96. The company’s market cap is $1.052 billion.
Magnum Hunter Resources Corp. (NYSE:MHR) last announced its earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.12) by $0.08. The company had revenue of $84.04 million for the quarter, compared to the consensus estimate of $92.16 million. During the same quarter last year, the company posted ($0.04) earnings per share. Magnum Hunter Resources Corp.’s revenue was up 97.6% compared to the same quarter last year. Analysts expect that Magnum Hunter Resources Corp. will post $-0.53 EPS for the current fiscal year.
A number of other firms have also recently commented on MHR. Analysts at Goldman Sachs Group Inc. initiated coverage on shares of Magnum Hunter Resources Corp. (NYSE:MHR) in a research note to investors on Tuesday, September 24th. They set a “neutral” rating on the stock. Separately, analysts at Canaccord Genuity raised their price target on shares of Magnum Hunter Resources Corp. (NYSE:MHR) from $5.50 to $6.50 in a research note to investors on Wednesday, September 11th. They now have a “buy” rating on the stock. Finally, analysts at Robert W. Baird raised their price target on shares of Magnum Hunter Resources Corp. (NYSE:MHR) from $5.00 to $6.00 in a research note to investors on Monday, August 26th. They now have an “outperform” rating on the stock. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Magnum Hunter Resources Corp. currently has an average rating of “Hold” and a consensus price target of $5.64.
Magnum Hunter Resources Corporation (NYSE:MHR) is an independent oil and gas company engaged in the exploration for and the exploitation, acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the states of West Virginia, Ohio, Texas, Kentucky and North Dakota and in Saskatchewan, Canada.
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