Global Hunter Securities Upgrades Halcón Resources (HK) to Buy; Expanding Into Bakken

April 26, 2012 8:52 AM EDT Send to a Friend
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Price: $3.22 +6.62%

Rating Summary:
    9 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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Global Hunter Securities upgraded Halcón Resources (NASDAQ: HK) from Neutral to Buy, price target raised from $9.50 to $12.50.

Analyst, Dan Morrison, said, "Buying GeoResources (Nasdaq: GEOI) gives Halcón cash flow and debt capacity to accelerate its already aggressive growth plan, in addition to opening up a new exploration front in the Bakken."

"HK can add 55,000 net acres in the Bakken to the already impressive list of unconventional or emerging liquids plays it is targeting with its aggressive growth plans. The company cites 42% progress toward its goal of acquiring 400,000 to 700,000 acres across the Utica/Point Pleasant, Woodbine, Wilcox, and Mississippian Lime plays, plus three as yet undisclosed plays. With drilling starting over the next two months and ramping through the year, the growth trajectory should be apparent by year-end."

For an analyst ratings summary and ratings history on Halcón Resources click here. For more ratings news on Halcón Resources click here.

Shares of Halcón Resources closed at $10.68 yesterday.


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