Halcon Resources Corporation (HK) Shares Gap Up Following Analyst Upgrade
Shares of Halcon Resources Corporation (NYSE:HK) gapped up prior to trading on Friday after Bank of America Corporation raised their price target on the stock from $8.00 to $9.00. The stock had previously closed at $6.47, but opened at $6.69. Bank of America Corporation currently has a neutral rating on the stock. Halcon Resources Corporation shares last traded at $6.78, with a volume of 3371661 shares changing hands.
Several other analysts have also commented on HK. Barclays PLC raised Halcon Resources Corporation from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $5.00 to $8.00 in a report on Thursday, July 13th. Imperial Capital started coverage on Halcon Resources Corporation in a report on Tuesday, August 1st. They issued an “outperform” rating and a $9.00 price objective on the stock. Roth Capital set a $9.00 price target on Halcon Resources Corporation and gave the stock a “buy” rating in a research note on Tuesday, August 1st. Zacks Investment Research lowered Halcon Resources Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. Finally, BidaskClub raised Halcon Resources Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $9.88.
In related news, major shareholder Franklin Resources Inc sold 494,899 shares of Halcon Resources Corporation stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $6.15, for a total transaction of $3,043,628.85. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 9,698,219 shares of company stock worth $62,265,549. 53.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. Boston Partners lifted its position in Halcon Resources Corporation by 1,388.1% during the second quarter. Boston Partners now owns 3,863,260 shares of the energy company’s stock worth $17,539,000 after buying an additional 3,603,645 shares in the last quarter. Vanguard Group Inc. raised its position in Halcon Resources Corporation by 113.7% in the second quarter. Vanguard Group Inc. now owns 3,296,119 shares of the energy company’s stock valued at $14,964,000 after purchasing an additional 1,753,923 shares during the period. Citadel Advisors LLC raised its position in Halcon Resources Corporation by 35.6% in the second quarter. Citadel Advisors LLC now owns 2,905,894 shares of the energy company’s stock valued at $13,193,000 after purchasing an additional 763,581 shares during the period. State Street Corp raised its position in Halcon Resources Corporation by 5,676.2% in the second quarter. State Street Corp now owns 1,226,470 shares of the energy company’s stock valued at $5,567,000 after purchasing an additional 1,205,237 shares during the period. Finally, Tortoise Capital Advisors L.L.C. purchased a new stake in Halcon Resources Corporation in the second quarter valued at $4,404,000. Hedge funds and other institutional investors own 91.44% of the company’s stock.
The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $1,020.52, a PE ratio of 9.19 and a beta of 4.01.
Halcon Resources Corporation (NYSE:HK) last posted its earnings results on Thursday, November 9th. The energy company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.11). The business had revenue of $96.95 million during the quarter, compared to analysts’ expectations of $97.34 million. Halcon Resources Corporation had a negative net margin of 65.92% and a positive return on equity of 16.78%. The business’s quarterly revenue was up 319.6% compared to the same quarter last year. research analysts expect that Halcon Resources Corporation will post 0.07 earnings per share for the current year.
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Halcon Resources Corporation 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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