UPDATE: Canaccord Genuity Downgrades Halcon Resources on Move to Sidelines
In a report published Wednesday, Canaccord Genuity analyst Stephen Berman downgraded the rating on Halcon Resources. (NYSE: HK) from Buy to Hold, and lowered the price target from $7.00 to $6.00.
In the report, Canaccord Genuity noted, “HK has built positions in some of the leading liquids-rich resource plays in the US—the Utica Shale, Williston Basin (WB) and El Halcón, its Eagle Ford (EF) play. We believe HK is well-positioned to rapidly grow production and cash flow, but with a stretched valuation, reduced NAV, high financial leverage, and the Utica taking longer to pan out, we prefer to move to the sidelines and are downgrading the stock to HOLD.”
Halcon Resources closed on Tuesday at $5.11.
Latest Ratings for HK
|Jan 2017||Stephens & Co.||Upgrades||Equal-Weight||Overweight|
|Apr 2016||Johnson Rice||Downgrades||Accumulate||Hold|
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