UPDATE: Rodman & Renshaw Ups Target to $8.50 on Magnum Hunter Resource
Rodman & Renshaw raises its rating on Outperform-rated Magnum Hunter Resource (NYSE: MHR) to $8.50, up half a dollar, as it adjusts estimates on higher commodity price realization.
Rodman & Renshaw says, "Higher forecast commodity price realizations and lower forecast per-unit LOE (partially offset by higher forecast G&A) cause our 2012 CFPS estimate to rise to $0.90 from $0.88. For 2013, our CFPS estimate rises to $1.17 from $1.15."
MHR closed at $6.92 a share on Wednesday.
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