Global Hunter Securities Downgrades Halcon Resources (HK) to Neutral; Valuation Call
Tweet
Share
E-mailGet Alerts HK Hot Sheet
Price: $0.16 --0%
Rating Summary:
2 Buy, 14 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
2 Buy, 14 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Global Hunter Securities downgraded Halcon Resources (NYSE: HK) from Accumulate to Neutral, price target revised to $11.00 (up from $6.60, reverse-split-adjusted).
Analyst, Dan Morrison, said, "The initial flight of Halcon has been impressive, with the market recognizing the value of capital in capable hands. We are beginning to see where the company will focus its efforts; in four reasonably well known but emerging plays, plus three plays as yet undisclosed. Halcon is focused on creating value from the ground floor, from leasing through development in oily, unconventional reservoirs."
"Valuation of a company at this stage is difficult, without knowledge of what it owns and at what cost. We modeled each of the company's currently identified projects based on the plans as they exist at this stage. Our $11 price target is based on 12x 2013E EBITDA less projected net debt, which warrants a Neutral rating at this time, given the current share price."
For an analyst ratings summary and ratings history on Halcon Resources click here. For more ratings news on Halcon Resources click here.
Analyst, Dan Morrison, said, "The initial flight of Halcon has been impressive, with the market recognizing the value of capital in capable hands. We are beginning to see where the company will focus its efforts; in four reasonably well known but emerging plays, plus three plays as yet undisclosed. Halcon is focused on creating value from the ground floor, from leasing through development in oily, unconventional reservoirs."
"Valuation of a company at this stage is difficult, without knowledge of what it owns and at what cost. We modeled each of the company's currently identified projects based on the plans as they exist at this stage. Our $11 price target is based on 12x 2013E EBITDA less projected net debt, which warrants a Neutral rating at this time, given the current share price."
For an analyst ratings summary and ratings history on Halcon Resources click here. For more ratings news on Halcon Resources click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
- Alpine Income Property Trust (PINE) PT Lowered to $18 at Jones Trading
- Dunelm Group PLC (DNLM:LN) PT Lowered to GBP13 at Barclays
Create E-mail Alert Related Categories
Analyst PT Change, DowngradesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
