Global Hunter Securities Downgrades Voyager Oil & Gas (VOG) to Neutral

Today Global Hunter Securities downgraded Voyager Oil & Gas (NYSE: VOG) from Accumulate to Neutral with a price target of $2.50 (from $3.50).

"VOG is currently in the early part of a transition from non-operator to operator in the Bakken Shale. To accomplish this task, the company bought Emerald Oil in July, issuing 11.6MM shares of stock and assuming $20.2MM in debt. In the big picture, the move to operator is the right direction to grow shareholder value," said analyst Philip McPherson. "However, in the short term the company faces a significant funding gap that will need to be addressed by Nov. 15."

"Until more clarity is provided as to how the company will address these needs, we are lowering our rating from Accumulate to Neutral and lowering our price target from $3.50 to $2.50 based upon a slight discount to our updated DNAV," added McPherson.

For an analyst ratings summary and ratings history on Voyager Oil & Gas click here. For more ratings news on Voyager Oil & Gas click here.

Shares of Voyager Oil & Gas closed at $1.28 yesterday.

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