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UPDATE: Jefferies Downgrades Magnum Hunter to Hold Following Muted Reserve Report

Related MHR
UPDATE: MLV & Co Reiterates On Magnum Hunter Resources On Strong 2015 Outlook
Earnings Scheduled For November 7, 2014

Jefferies downgraded Magnum Hunter Resources (NYSE: MHR) from Buy to Hold and lowered the price target from $6.50 to $4.50.

Jefferies noted, "Reserve report showed that resources acquired and discovered by company are less prolific and more expensive than we previously expected. 2013 could be a turning point if the company succeeds at selling high-cost properties, replacing them with low-cost ones, and managing its outspend. … $4.50 of probable credit reflects unbooked Eagle Ford, Bakken, and Marcellus reserves as well as value to Utica acreage. Risks include commodity price volatility, geologic irregularities, and increased regulation."

Magnum Hunter closed at $4.48 on Wednesday.

Latest Ratings for MHR

DateFirmActionFromTo
Nov 2014Imperial CapitalMaintainsIn-line
Nov 2014MLV & CoMaintainsBuy
Nov 2014Topeka CapitalMaintainsBuy

View More Analyst Ratings for MHR
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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