Jefferies Maintains a 'Buy' on Magnum Hunter (MHR); From Hunter To Harvester

Jefferies maintains a 'Buy' on Magnum Hunter (NYSE: MHR) price target of $6.50.

Analyst, Subash Chandra, said, "Having captured ample productive oil/liquids assets, focus has shifted to holding acreage and boosting production/reserves, potentially to a size that would make MHR an interesting M&A target. No question that growth plans are ambitious and the budget stressful on the balance sheet. But between the revolver and preferreds issuance, MHR should have enough liquidity to fund growth through 2013, even in an oil downturn."

Q3 EPS estimate lowered from (0.01) to (0.05), FY12 from (0.06) to (0.14) and FY13 from $0.09 to (0.26)

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 $4.28 yesterday.

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