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UPDATE: Credit Suisse Initiates Magnum Hunter Resources at Outperform on Inventory Build

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Canaccord Downgrades Magnum Hunter, Cuts Target To $2/Share
Benzinga's Top Downgrades
Magnum Hunter cut to Hold from Buy at Canaccord (Seeking Alpha)

Credit Suisse initiated coverage on Magnum Hunter Resources (NYSE: MHR) with an Outperform rating and a price target of $6 a share.

Credit Suisse noted, "Inventory Built, Ramping Oil/NGL Growth. MHR has spent ~$1.2 billion on acquisitions since 2009, building a deep, repeatable project inventory in some of the best North American onshore liquids plays, including the Eagle Ford, Three Forks, and liquids-rich Marcellus. MHR also offers attractive exploration exposure in the Utica and Pearsall shales. As a result of accelerating development in the Eagle Ford and Three Forks, we project that MHR will deliver production and cash flow growth at 66% and 83% CAGRs through 2013, well ahead of the Credit Suisse SMID-cap E&P peer medians of 16% and 27%, respectively."

Magnum Hunter Resources closed at $4.59 on Wednesday.

Latest Ratings for MHR

DateFirmActionFromTo
May 2015Canaccord GenuityDowngradesBuyHold
May 2015KLR GroupDowngradesAccumulateHold
May 2015CitigroupDowngradesBuyNeutral

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Posted-In: Credit SuisseAnalyst Color Initiation Intraday Update Analyst Ratings

 

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