Bank of America Cuts Halcon Resources (HK) Price Target to $9.00
Halcon Resources (NYSE:HK) had its price target cut by stock analysts at Bank of America from $10.00 to $9.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has a “neutral” rating on the energy company’s stock. Bank of America’s target price indicates a potential upside of 32.35% from the stock’s current price.
A number of other research analysts have also weighed in on the company. Zacks Investment Research lowered Halcon Resources from a “hold” rating to a “sell” rating in a report on Saturday, February 3rd. Roth Capital set a $13.00 target price on Halcon Resources and gave the company a “buy” rating in a report on Tuesday, January 16th. ValuEngine lowered Halcon Resources from a “hold” rating to a “sell” rating in a report on Sunday, December 31st. TheStreet upgraded Halcon Resources from a “d+” rating to a “c-” rating in a report on Wednesday, November 22nd. Finally, Johnson Rice upgraded Halcon Resources from an “accumulate” rating to a “buy” rating in a report on Wednesday, October 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $9.83.
Halcon Resources (HK) opened at $6.80 on Wednesday. Halcon Resources has a fifty-two week low of $3.68 and a fifty-two week high of $9.61. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $1,024.93, a P/E ratio of 1.70 and a beta of 3.97.
In related news, major shareholder Franklin Resources Inc sold 1,400,000 shares of Halcon Resources stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $6.58, for a total transaction of $9,212,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 8,247,483 shares of company stock worth $63,617,886 over the last quarter. 53.90% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Alambic Investment Management L.P. bought a new stake in Halcon Resources during the fourth quarter worth $104,000. Amalgamated Bank bought a new stake in Halcon Resources during the third quarter worth $109,000. Voya Investment Management LLC bought a new stake in Halcon Resources during the second quarter worth $121,000. Cubist Systematic Strategies LLC lifted its holdings in Halcon Resources by 107.1% during the second quarter. Cubist Systematic Strategies LLC now owns 28,744 shares of the energy company’s stock worth $130,000 after acquiring an additional 14,864 shares during the period. Finally, Nationwide Fund Advisors bought a new stake in Halcon Resources during the second quarter worth $160,000. Institutional investors and hedge funds own 94.31% of the company’s stock.
Halcon Resources Company Profile
Halcon Resources Corporation 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. The Company’s estimated total proved oil and natural gas reserves are approximately 146.8 million barrels of oil equivalent (MMBoe), consisting of over 120.7 million barrels of oil (MMBbls), approximately 13.0 MMBbls of natural gas liquids and over 78.4 billion cubic feet (Bcf) of natural gas.
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