Halcon Resources Corp (NYSE:HK): Analysts Upgraded Price Target To $7


Dallas, Texas 05/20/2014 (FINANCIALSTRENDS) – An independent energy company, Halcon Resources Corp (NYSE:HK)’s stock recently received an upgraded price target of $7 by Robert W. Baird who previously set a price target of $5 in a research note issued on Friday, May 16, 2014. Many other analysts have also commented on the stock recently and include equity research analysts at KLR Group who raised their price target on the stock to $3.50 from previously set target of $0.25 in a research note released on May 13, 2014. Investment analysts at RBC Capital also raised their price target on the stock to $4.50 from previous set target price of $3.50 in a research note issued on May 9, 2014. Separately, investment analysts at CanaccordGenuity also raised their price target on the stock to $5.50 from a previously set target price of $4.75 in a research note issued on May 9, 2014.

Consensus Rating and Stock Update:

The stock of Halcon Resources Corp (NYSE:HK) has been assigned a “hold” rating by five research analysts; and a “buy” rating by two research analysts. The stock currently has a consensus rating of “hold” with an average price target of $5.72 which is even below the stock’s previous closing of $5.86. Yesterday the stock gained 1.21% or $0.07 from its previous closing. It traded with somewhat lower volumes of 6.25 million shares as compared to its 30 day average trading volume of 7.73 million shares. Halcon Resources’ market capitalization is of $2.46 billion.

Recent Earnings Release:

Halcon Resources Corp. (NYSE:HK) recently reported its 1Q14 results with an adjusted net income of $11.9 million ($0.03 per share). 1Q14 production was reported at 36,622 barrels of oil equivalent per day on an average. This records 41% production increase on a year over year basis and was above the high-end of the company’s forecast. The increase was significantly attributed to the company’s technological innovation which yielded strong well results.

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