Magnum Hunter Resources Corp Trading Up 8.3% on Insider Buying Activity (MHR)
Magnum Hunter Resources Corp (NYSE:MHR)’s share price was up 8.3% during mid-day trading on Tuesday after an insider bought additional shares in the company, AnalystRatingsNetwork.com reports. The company traded as high as $6.90 and last traded at $6.76, with a volume of 3,772,745 shares trading hands. The stock had previously closed at $6.24.
Specifically, Director James Raleigh Bailes bought 10,000 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were purchased at an average cost of $6.29 per share, for a total transaction of $62,900.00. The purchase was disclosed in a filing with the SEC, which is available at this link.
A number of research firms have recently commented on MHR. Analysts at Imperial Capital cut their price target on shares of Magnum Hunter Resources Corp from $8.00 to $7.00 in a research note on Wednesday, August 13th. They now have an “in-line” rating on the stock. Separately, analysts at Zacks downgraded shares of Magnum Hunter Resources Corp from an “outperform” rating to a “neutral” rating in a research note on Friday, August 1st. They now have a $8.30 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Magnum Hunter Resources Corp in a research note on Friday, July 18th. They now have a $10.00 price target on the stock, up previously from $9.00. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $9.08.
The stock has a 50-day moving average of $6.97 and a 200-day moving average of $7.83. The company’s market cap is $1.338 billion.
Magnum Hunter Resources Corp (NYSE:MHR) last released its earnings data on Friday, August 8th. The company reported ($0.09) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.17) by $0.08. The company had revenue of $132.52 million for the quarter, compared to the consensus estimate of $105.50 million. During the same quarter in the prior year, the company posted ($0.18) earnings per share. The company’s quarterly revenue was up 57.7% on a year-over-year basis. Analysts expect that Magnum Hunter Resources Corp will post $-0.52 EPS for the current fiscal year.
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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