Zacks Investment Research Upgrades Halcon Resources (HK) to Buy

Zacks Investment Research upgraded shares of Halcon Resources (NYSE:HK) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. They currently have $4.25 price objective on the energy company’s stock.

According to Zacks, “Halcon Resources Corporation is an energy company engaged in the acquisition, exploration and development of onshore oil and natural gas properties in the United States. The Company operates in Wichita, Wilbarger and Starr Counties in Texas, Pontotoc and Seminole Counties, Oklahoma, and Louisiana. Halcon Resources Corporation, formerly known as RAM Energy Resources, Inc., is based in Louisiana, USA. “

Other analysts also recently issued research reports about the stock. ValuEngine raised shares of Halcon Resources from a sell rating to a hold rating in a report on Thursday, August 2nd. Imperial Capital decreased their price objective on shares of Halcon Resources from $7.00 to $5.00 and set an outperform rating on the stock in a report on Friday, August 3rd. Bank of America decreased their price objective on shares of Halcon Resources from $9.00 to $6.00 and set a neutral rating on the stock in a report on Thursday, August 2nd. Finally, JPMorgan Chase & Co. began coverage on shares of Halcon Resources in a report on Wednesday, July 25th. They set a neutral rating and a $6.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $7.54.

Shares of NYSE:HK traded down $0.17 during midday trading on Wednesday, hitting $3.31. The stock had a trading volume of 3,683,631 shares, compared to its average volume of 5,088,373. The company has a market cap of $613.70 million, a price-to-earnings ratio of -22.07 and a beta of 4.05. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.55. Halcon Resources has a 1 year low of $3.02 and a 1 year high of $9.07.

Halcon Resources (NYSE:HK) last issued its earnings results on Wednesday, November 7th. The energy company reported ($0.06) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.01). The firm had revenue of $61.60 million during the quarter, compared to analysts’ expectations of $58.33 million. Halcon Resources had a negative net margin of 101.20% and a negative return on equity of 1.04%. The firm’s revenue was down 36.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. On average, research analysts forecast that Halcon Resources will post -0.01 EPS for the current year.

In other Halcon Resources news, Director Ares Management Llc sold 350,000 shares of the company’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $3.90, for a total value of $1,365,000.00. Following the sale, the director now owns 86,857 shares of the company’s stock, valued at $338,742.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.70% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in HK. AMP Capital Investors Ltd acquired a new position in shares of Halcon Resources in the second quarter valued at approximately $101,000. Laurion Capital Management LP acquired a new position in shares of Halcon Resources in the second quarter valued at approximately $107,000. Guggenheim Capital LLC raised its position in shares of Halcon Resources by 111.3% in the first quarter. Guggenheim Capital LLC now owns 54,095 shares of the energy company’s stock valued at $264,000 after buying an additional 28,497 shares during the last quarter. California Public Employees Retirement System acquired a new position in shares of Halcon Resources in the second quarter valued at approximately $168,000. Finally, Malaga Cove Capital LLC raised its position in shares of Halcon Resources by 32.9% in the third quarter. Malaga Cove Capital LLC now owns 193,713 shares of the energy company’s stock valued at $873,000 after buying an additional 47,932 shares during the last quarter.

Halcon Resources Company Profile

Halcón Resources Corporation, an independent energy company, engages in the acquisition, production, exploration, and development of onshore oil and natural gas assets in the United States. As of February 28, 2018, the company held interests in 21,679 net acres in the Monument Draw area of the Delaware Basin, located in Pecos and Reeves Counties, Texas; and 27,035 net acres in the Hackberry Draw area of the Delaware Basin, located in Pecos and Reeves Counties, Texas.

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