Canaccord Genuity Reiterates a 'Buy' on Magnum Hunter (MHR); Transaction Financing Overly Discounted Opportunity

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Canaccord Genuity reiterates a 'Buy' on Magnum Hunter (NYSE: MHR) price target lowered to $6.50.

Analyst, Marcus Talbert, said, "We are reiterating our rating but revising our target price following Magnum Hunter’s latest financial results, equity/debt financing and project updates. While we acknowledge the improving well results in the Williston Basin (particularly in Tableland), we continue to favor MHR’s Eagle Ford assets from a capital productivity perspective. As such, we believe the recent equity underperformance associated with the transaction financing has overly discounted the company’s broad opportunity set of liquids targets and relative growth potential."

For an analyst ratings summary and ratings history on Magnum Hunter click here. For more ratings news on Magnum Hunter click here.

Shares of Magnum Hunter closed at $4.36 yesterday, with a 52 week range of $2.33-$7.90.

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