UPDATE: Goldman Sachs Initiates Coverage on Halcon Resources Corporation with Neutral Rating, $9 PT
In a report published Wednesday, Goldman Sachs Group initiated coverage on Halcon Resources Corporation (NYSE: HK) with a Neutral rating and $9.00 price target.
Goldman Sachs noted, “We initiate coverage of Halcón Resources with a Neutral rating relative to our Attractive coverage view with 34% upside to a $9, 6-month DCF-, multiples- and M&A- based target price. Halcón is a pure-play E&P focused on shale exploration and development. We view HK's management team favorably due to its historical track record of opening up new areas, and expect strong growth driven largely by the Woodbine play. We believe greater clarity on Utica Shale prospectivity and Tuscaloosa Marine Shale prospectivity/returns are needed for outperformance – we believe there is some Utica credit in shares though little credit for other exploration.”
Halcon Resources Corporation closed on Tuesday at $6.71.
Latest Ratings for HK
|Apr 2016||Johnson Rice||Downgrades||Accumulate||Hold|
|Mar 2016||Stifel Nicolaus||Downgrades||Hold||Sell|
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