Market Overview

UPDATE: Pritchard Capital Partners Drops PT to $7 on Magnum Hunter Resources Post Recent Capital Raises

Related MHR
Magnum Hunter Resources Announces Closing Of New Credit Facilities And Refinancing Of Prior Revolving Credit Facility
Encana to Divest Natural Gas Focused Clearwater Assets

Pritchard Capital Partners reduces its price target from $8 to $7 on Magnum Hunter Resources (NYSE: MHR) following a recent capital raise.

Pritchard Capital Partners says, "Following the recent capital market raises, we are lowering our 2012 EPS/CFPS to ($0.11)/$0.74 from $0.06/$1.15, driven by more shares outstanding, a slightly lower production forecast (15.0 MBoe/d vs. 15.6 MBoe.d previously), as well as lower assumed realized prices and higher G&A and interest expense, partly offset by lower LOE. Our price target goes to $7 from $8 on a lowering of NAV to ~$8.60 from ~$9.90. MHR has built meaningful positions in three of the leading unconventional resource plays in North America--the Williston Basin (WB), Eagle Ford (EF) Shale, and liquids-rich area of the West Virginia Marcellus Shale."

MHR closed at $4.06 on Tuesday.

Latest Ratings for MHR

Oct 2014WunderlichMaintainsBuy
Oct 2014KLR GroupUpgradesHoldBuy
Oct 2014KeyBancMaintainsBuy

View More Analyst Ratings for MHR
View the Latest Analyst Ratings

Posted-In: Pritchard Capital PartnersAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings


Related Articles (MHR)

Around the Web, We're Loving...

Get Benzinga's Newsletters