Harvest Natural Resources Rating Increased to Buy at Wunderlich (HNR)

Harvest Natural Resources (NYSE:HNR) was upgraded by research analysts at Wunderlich from a “hold” rating to a “buy” rating in a report released on Monday, TheFlyOnTheWall.com reports. The firm currently has a $9.00 price target on the stock, up from their previous price target of $4.75. Wunderlich’s target price would suggest a potential upside of 128.43% from the company’s current price.

The analysts wrote, “We believe Harvest Natural Resources (HNR) is on the cusp of showing the market the true value of its Gabon and Indonesia assets through market transactions. If successful, this would allow Harvest to generate significant cash it could then use to develop the Gabon and newly-acquired Colombia positions. Harvest has shown in the past its ability to attract buyers for international (and domestic) assets. Though the Venezuela deal wasn’t able to close we feel it was due to country-specific issues; at this point Harvest is focusing on what it can control while maintaining a very valuable option in Venezuela if things improve. We should hear about multiple value-adding transactions in the coming months and the upside/downside risk is back in investors’ favor. Thus, we are upgrading to Buy.”

Separately, analysts at Zacks upgraded shares of Harvest Natural Resources from an “underperform” rating to a “neutral” rating in a research note to investors on Monday, July 8th. They now have a $4.20 price target on the stock.

Harvest Natural Resources (NYSE:HNR) opened at 3.94 on Monday. Harvest Natural Resources has a 52 week low of $2.45 and a 52 week high of $10.83. The stock has a 50-day moving average of $4.18 and a 200-day moving average of $4.46. The company has a market cap of $155.4 million and a price-to-earnings ratio of 10.91.

Harvest Natural Resources (NYSE:HNR) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.12) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.03 by $0.15. The company had revenue of $209.48 million for the quarter. During the same quarter in the prior year, the company posted $0.29 earnings per share. The company’s quarterly revenue was down 1.7% on a year-over-year basis. Analysts expect that Harvest Natural Resources will post $0.74 EPS for the current fiscal year.

Harvest Natural Resources, Inc is a petroleum exploration and production company engaged in the exploration, development and production of properties in geological basins with proven active hydrocarbon systems.

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