Global Hunter Maintains Harvest Natural Resources Buy, Raises PT To $22 (HNR)

Global Hunter maintained its Harvest Natural Resources (NYSE: HNR) Buy rating and raised the company's price target from $19 to $22 in a research note published today.

In the report, Global Hunter states, "Harvest Natural Resources sold its Utah assets for $215 million, generating a 131% net return. With money in the bank, HNR can repay debt, finish its exploration activities, evaluate strategic alternatives and end 2011 with $100-$130 million of cash."

Shares of Harvest Natural Resources were trading at $15.42 at the time of posting, down 3.75% from Tuesday's market close.