UPDATE: J.P. Morgan Initiates Coverage on Halcon Resources Corporation with Neutral Rating, $8 PT
In a report published Wednesday, J.P. Morgan & Co. initiated coverage on Halcon Resources Corporation (NYSE: HK) with a Neutral rating and $8.00 price target.
J.P. Morgan noted, “We are initiating coverage of Halcón with a Neutral rating and Dec-2013 price target of $8.00. HK is an E&P company focused on building a portfolio of oil and liquids-rich gas assets. Its three core plays are exciting, in our view, but two of the three are relatively new and, in the newer plays, we have limited relevant well data, which causes us to take a somewhat conservative approach to valuation. Management also wants to sell the company ultimately, as it has done with three prior companies. The valuation appears to be at a premium with the group, but management's track record of identifying and successfully developing early stage plays causes us to initiate at Neutral.”
Halcon Resources Corporation closed on Tuesday at $6.71.
Latest Ratings for HK
|Jan 2017||Stephens & Co.||Upgrades||Equal-Weight||Overweight|
|Apr 2016||Johnson Rice||Downgrades||Accumulate||Hold|
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