Rodman & Renshaw Analysts Reiterate a "Outperform" Rating on Magnum Hunter (MHR) – LocalizedUSA
Magnum Hunter (NYSE: MHR)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Rodman & Renshaw in a research note issued to investors on Friday. The analysts currently have a $7.50 price target on the stock.
Separately, analysts at Zacks Investment Research downgraded shares of Magnum Hunter from a “neutral” rating to an “underperform” rating in a research note to investors on Thursday. Analysts at Wunderlich raised their price target on shares of Magnum Hunter from $4.00 to $6.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Also, analysts at Wunderlich cut their price target on shares of Magnum Hunter from $10.00 to $4.00 in a research note to investors on Tuesday, October 4th. They now have a “buy” rating on the stock.
Magnum Hunter Resources Corporation (Magnum Hunter) is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas, primarily in West Virginia, North Dakota, Texas and Louisiana. As of December 31, 2009, the Company is active in three of the four prolific shale resource plays in the United States, including the Marcellus Shale, Eagle Ford Shale and Williston Basin / Bakken Shale. At December 31, 2009, its estimated proved reserves of 6.2 million barrels of oil equivalent (MMboe) were approximately 75% oil. On September 30, 2009, the Company acquired Sharon Resources, Inc., a wholly owned subsidiary of Sharon Energy Ltd. On February 12, 2010, the Company acquired Triad Energy Corporation and affiliates (collectively Triad).
Shares of Magnum Hunter traded up 4.95% during mid-day trading on Friday, hitting $4.45. Magnum Hunter has a 52 week low of $2.72 and a 52 week high of $8.66. The stock’s 50-day moving average is $3. and its 200-day moving average is $5.95. The company has a market cap of $558.8 million.
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