Loading...
Loading...
In a report published Thursday, Morgan Stanley analyst Drew Venker upgraded the rating on
Halcon Resources Corp.HK from Underweight to Equal-Weight, but lowered the price target from $5.00 to $4.00.
In the report, Morgan Stanley noted, “Upgrading Halcon to EW and lowering our PT to $4. HK no longer reflects overly optimistic growth and NAV assumptions and discounts minimal probability of an acquisition of the company. Bearish catalysts [have] played out: 1) HK raised capex guidance and lowered production expectations for 2013 and 2014; 2) exploration disappointed the market's high hopes, particularly in the Utica, but also the Woodbine; 3) HK raised capital to maintain liquidity.”
Halcon Resources Corp. closed on Wednesday at $3.82.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in