UPDATE: Canaccord Genuity Lowers Magnum Hunter Resources' PT
According to a research report published this morning, Canaccord Genuity has lowered Magnum Hunter Resources' (NYSE: MHR) PT to $6.50.
In the report, Canaccord Genuity mentioned, "We are reiterating our BUY rating but revising our target price to $6.50 following Magnum Hunter's latest financial results, equity/debt financing and project updates. While we acknowledge the improving well results in the Williston Basin (particularly in Tableland), we continue to favor MHR's Eagle Ford assets from a capital productivity perspective. As such, we believe the recent equity underperformance associated with the transaction financing has overly discounted the company's broad opportunity set of liquids targets and relative growth potential."
Canaccord Genuity maintains its Buy rating on Magnum Hunter Resources, which closed yesterday at $4.36.
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