UPDATE: Rodman & Renshaw Raises Target to $8 on Magnum Hunter Resources

Rodman & Renshaw reiterates its Outperform rating on Magnum Hunter Resources

and raises its price target to $8 on further acquisition that adds to the company's Utica position. Rodman & Renshaw notes, "MHR acquired ~12,200 net acres located predominately in Noble County, OH, from an undisclosed seller for $24.8 million, or ~$2,000/acre. The deal increases the company's Utica position in Ohio to ~17,300 net acres (with ~14,800 net acres in Noble and Washington counties); MHR believes its acreage lies in the liquids-rich window of the play. The majority of the acquired acreage is HBP'd (production was retained by the seller), providing MHR with flexibility in its development plans." MHR closed at $7.23 a share on Friday.