UPDATE: Pritchard Capital Partners Drops PT to $7 on Magnum Hunter Resources Post Recent Capital Raises

Pritchard Capital Partners reduces its price target from $8 to $7 on Magnum Hunter Resources

following a recent capital raise. Pritchard Capital Partners says, "Following the recent capital market raises, we are lowering our 2012 EPS/CFPS to ($0.11)/$0.74 from $0.06/$1.15, driven by more shares outstanding, a slightly lower production forecast (15.0 MBoe/d vs. 15.6 MBoe.d previously), as well as lower assumed realized prices and higher G&A and interest expense, partly offset by lower LOE. Our price target goes to $7 from $8 on a lowering of NAV to ~$8.60 from ~$9.90. MHR has built meaningful positions in three of the leading unconventional resource plays in North America--the Williston Basin (WB), Eagle Ford (EF) Shale, and liquids-rich area of the West Virginia Marcellus Shale." MHR closed at $4.06 on Tuesday.