Dallas, Texas 01/14/2014 (FINANCIALSTRENDS) – Magnum Hunter Resources Corporation (NYSE:MHR) is the US-based drilling and exploration major in the Oil and gas industry with extensive operations over Canada and US. The company is engaged in the production, exploration, acquisition as well as development of crude oil as well as natural gas as well as natural gas liquid resources. The market cap of the company is $1.30billion and holds volumes of 4,894,736. It trades at 52-week high of $8.12 and 52-week low of $2.37.
Analysts back Magnum Hunters
Magnum Hunter Resources Corporation (NYSE:MHR), according to analysts Topeka, is rated ‘BUY” along with price target of $10 revision. The strength for growth for this company is in the increased production in Ohio, as well as the Utica and Point Pleasant zones. The Utica well, located off the Stalder, Monroe County will hold the key this time around.
Magnum Hunter Resources Corporation (NYSE:MHR) in December end, issued an update on operations, indicating its new wells drilled in the Utica shale and Marcellus. Of the many wells drilled, the company had indicated that 3 of the well sin Ormet Pad, Ohio as well as four wells in the Collins Pad, West Virginia. Of these, the Collins Pad, West Virigina were found to have over 10k cf/day at one well and 9.850 cf/day at another well.
Magnum Hunter Resources Corporation (NYSE:MHR) has had one of the best quarter three results for 2013, back in November. The company had registered an overall growth of 80% year-on-year only in the revenues. This was a result of the increase in production as well as the high average the commodity prices averaged. Additionally, the company saw an increase in the production in Oil and gas production as well with 38.5% year on year growth as well as 10,049 barrels per day. However, the company did register some trouble with a fall in the natural gas as well as the natural gas liquids processing. The production at the Appalachian division was disrupted due to shut-down happening at the Mobley gas processing facility at MarkWest. The third quarter production saw over 30 % higher growths in the recent year.