Pritchard Capital Initiating Coverage On Harvest Natural Resources (HNR)

Pritchard Capital is initiating coverage on Harvest Natural Resources, Inc. (NYSE: HNR) with a $12 price target and a Buy rating.

In a note to clients, Pritchard Capital writes, "Attractive oil assets in Venezuela and the U.S., with potential upside from offshore exploration in Budong-Budong, Indonesia. Exploration upside from Budong-Budong, Indonesia. HNR should spud the first of two exploratory wells in Q3. With a 47% interest in 1.4 million acres, significant results could be a driver."

Shares of HNR closed at $7.14 on Friday.