UPDATE: Wunderlich Securities Initiates Halcon Resources Corporation with Buy and $12 PT

Wunderlich Securities initiates its coverage on Halcon Resources Corporation HK with a Buy rating and a price target of $12. Wunderlich Securities comments, "The company is focused on oily resource plays and has already built positions in the Utica/Point Pleasant, Woodbine, Wilcox, and Mississippi Lime as well as four undisclosed oil plays. Additionally, Halcon is in the process of acquiring GeoResources, Inc. (GEOI-NR), which should nearly triple production, boost reserves, and gives the company footholds in the Williston Basin and Eagle Ford plays. We believe the growing asset base, experienced management team, and strong liquidity position should generate significantly higher earnings and cash flow growth than many of its peers." HK closed at $9.77 on Wednesday.