Morgan Stanley upgraded shares of Halcon Resources Corp (NYSE:HK) from an underweight rating to an equal weight rating in a report issued on Thursday, TheFlyOnTheWall.com reports. They currently have $4.00 target price on the stock, down from their previous target price of $5.00.
“Upgrading Halcon to EW and lowering our PT to $4. HK no longer reflects overly optimistic growth and NAV assumptions and discounts minimal probability of an acquisition of the company. Bearish catalysts [have] played out: 1) HK raised capex guidance and lowered production expectations for 2013 and 2014; 2) exploration disappointed the market’s high hopes, particularly in the Utica, but also the Woodbine; 3) HK raised capital to maintain liquidity.,” Morgan Stanley’s analyst wrote.
In other Halcon Resources Corp news, EVP David Elkouri purchased 25,000 shares of Halcon Resources Corp stock in a transaction that occurred on Wednesday, December 4th. The stock was purchased at an average cost of $3.72 per share, with a total value of $93,000.00. Following the completion of the purchase, the executive vice president now directly owns 258,584 shares of the company’s stock, valued at approximately $961,932. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Halcon Resources Corp (NYSE:HK) opened at 3.99 on Thursday. Halcon Resources Corp has a 1-year low of $3.60 and a 1-year high of $8.28. The stock has a 50-day moving average of $4.69 and a 200-day moving average of $5.15. The company’s market cap is $1.654 billion.
Halcon Resources Corp (NYSE:HK) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.04 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.07 by $0.03. The company had revenue of $305.00 million for the quarter, compared to the consensus estimate of $258.36 million. During the same quarter last year, the company posted ($0.01) earnings per share. Halcon Resources Corp’s revenue was up 317.2% compared to the same quarter last year. Analysts expect that Halcon Resources Corp will post $0.19 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Tudor Pickering downgraded shares of Halcon Resources Corp from an accumulate rating to a hold rating in a research note to investors on Tuesday. Separately, analysts at MLV Capital initiated coverage on shares of Halcon Resources Corp in a research note to investors on Friday, November 22nd. They set a hold rating on the stock. Finally, analysts at Goldman Sachs Group Inc. downgraded shares of Halcon Resources Corp from a neutral rating to a sell rating in a research note to investors on Monday, November 18th. They now have a $4.50 price target on the stock, down previously from $6.00. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Halcon Resources Corp has a consensus rating of Hold and a consensus target price of $6.65.
Halcon Resources Corporation (NYSE:HK) is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the United States.
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