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JPMorgan Chase & Co. Reiterates “Neutral” Rating for Halcon

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JPMorgan Chase & Co. reaffirmed their neutral rating on shares of Halcon Resources Corp (NYSE: HK) in a report issued on Friday, AnalystRatings.Net reports. They currently have a $5.00 target price on the stock, down from their previous target price of $8.50.


“Last year Halcón focused on building a critical mass of oil-weighted and liquids-rich assets. This year HK is delineating and formulating its development plans. Ultimately management intends to sell the company. The CEO sold a few companies in the past, including Petrohawk to BHP in 2011, so the market likely expects a sale at some point, in our view.


Management indicates such a sale is possible over the next three to five years. HK has underperformed over the past one month, three months, and YTD. Three of the four core areas (Woodbine, Utica/Point Pleasant, and El Halcón) are early stage, and parts of Halcón’s Bakken acreage are less developed. We anticipate additional well results from HK and offset operators throughout the year. New data points potentially could serve as catalysts for the stock and could allow us to de-risk (or not de-risk) some of these plays. For now we maintain a risked valuation. HK is trading at a significant premium to the group, which reflects investor optimism in early stage plays and management and/or takeout premiums, in our view. We estimate that the company will need to address its funding gap over the next two years. We reiterate our Neutral rating.,” JPMorgan Chase & Co.’s analyst wrote.


Other equities research analysts have also recently issued reports about the stock. Analysts at Ned Davis Research downgraded shares of Halcon Resources Corp from a neutral rating to a sell rating in a research note to investors on Monday, June 17th. Separately, analysts at Barclays Capital reiterated a buy rating on shares of Halcon Resources Corp in a research note to investors on Friday, June 14th. They now have a $10.00 price target on the stock. Finally, analysts at Canaccord Genuity cut their price target on shares of Halcon Resources Corp from $9.00 to $8.50 in a research note to investors on Friday, June 14th. They now have a buy rating on the stock.


One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Halcon Resources Corp presently has a consensus rating of Buy and a consensus target price of $8.70.


Halcon Resources Corp (NYSE: HK) traded up 1.70% on Friday, hitting $5.5224. Halcon Resources Corp has a 1-year low of $4.92 and a 1-year high of $10.74. The stock’s 50-day moving average is currently $5.71. The company’s market cap is $2.042 billion.


Halcon Resources Corporation, formerly RAM Energy Resources, Inc, is an independent oil and natural gas company engaged in the acquisition, development, exploitation, exploration and production of oil and natural gas properties, primarily in Texas, Louisiana and Oklahoma.



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