Imperial Capital Boosts PT on Magnum Hunter (MHR) 33%; Likes Management Focus, Utica Shale Prospects

July 10, 2013 11:30 AM EDT
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Price: $0.15 --0%

Rating Summary:
    7 Buy, 16 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Imperial Capital is boosting its price target on Magnum Hunter Resources (NYSE: MHR) from $3 to $4, while maintaining its In-Line rating.

Analyst Ann Kohler comments, "With the sale of its Eagle Ford Shale operations, management’s focus is on the development of its Appalachian and Williston Basin operations as well as testing the Utica Shale across its Appalachian acreage. Management remains committed to the divestiture of $100-200mn in non-core assets as well as its Eureka Hunter Pipeline subsidiary."

ON Utica Shale testing, Kohler notes that Magnum Hunter "completed drilling its first Utica Shale well on the Farley Pad in Washington County, Ohio on 6/17/13. Well is expected to be fracture stimulated in late July, and following 30-45 rest period, MHR expects to test production in late September 2013 when temporary lines connecting the well to the Eureka Hunter system are complete. MHR recently commenced drilling a Marcellus well on its 18-well Stalder Pad (located in Monroe County, Ohio), and once completed, will skid the rig to drill its first Utica well on Stalder in August."

Magnum Hunter report Q1 loss of 6 cents per share on Tuesday, topping consensus views calling for a loss of 11 cents per share. Revs of $98 million beat expectations of $88.7 million.

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 $3.98 yesterday.

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