UPDATE: MLV & Co Reiterates On Magnum Hunter Resources On Strong 2015 Outlook

In a report published Monday, MLV & Co analyst Chad Mabry reiterated a Buy rating on Magnum Hunter Resources Corp MHR, but lowered the price target from $10.00 to $9.00. In the report, MLV & Co noted, “The company's strategy is aligning nicely as it enters 2015. Portfolio high-grading and front-end loaded capital spending set the stage for tremendous growth for the Appalachian pure-play. While MHR's shift from oil to gas is looking increasingly savvy in light of recent market movements, it hasn't been totally immune from widening gas price differentials. Adjustments to our model take our NAV-based price target to $9 (from $10). We remain buyers of MHR on what we view to be an undervalued position in the sweet spot of the Utica and Marcellus plays.” Magnum Hunter Resources closed on Friday at $4.69.