Stock Update (NYSE:MHR): Magnum Hunter Resources Corp Declares Monthly Cash Dividend


Magnum Hunter Resources Corp (NYSE:MHR) announced that it has declared a monthly cash dividend on the Company’s 10.25% Series C Cumulative Perpetual Preferred Stock (“Series C Preferred Stock”), a monthly cash dividend on the Company’s 8.0% Series D Cumulative Preferred Stock (“Series D Preferred Stock”) and a monthly cash dividend on the Company’s 8.0% Series E Cumulative Convertible Preferred Stock (“Series E Preferred Stock”). The outstanding shares of Series E Preferred Stock are represented by depositary shares (the “Depositary Shares”), each representing a 1/1,000th interest of a share of Series E Preferred Stock.

The dividend on the Series C Preferred Stock, which is for the month of August 2015, is payable on August 31, 2015, to holders of record at the close of business on August 14, 2015. The payment will be an annualized 10.25% per share, which is equivalent to approximately $0.2135 per share, based on the $25.00 per share liquidation preference of the Series C Preferred Stock. The Series C Preferred Stock is currently listed on the NYSE MKT and trades under the ticker symbol “MHR.PRC”.

The dividend on the Series D Preferred Stock, which is for the month of August 2015, is payable on August 31, 2015, to holders of record at the close of business on August 14, 2015. The payment will be an annualized 8.0% per share, which is equivalent to approximately $0.3333 per share, based on the $50.00 per share liquidation preference of the Series D Preferred Stock. The Series D Preferred Stock is currently listed on the NYSE MKT and trades under the ticker symbol “MHR.PRD”.

The dividend on the Series E Preferred Stock, which is for the month of August 2015, is payable on August 31, 2015, to holders of record at the close of business on August 14, 2015. The payment will be an annualized 8.0% per share of Series E Preferred Stock, which is equivalent to approximately $166.6667 per share, based on the $25,000.00 per share liquidation preference of the Series E Preferred Stock (equivalent to approximately $0.1667 per Depositary Share, based on the $25.00 per Depositary Share liquidation preference). The Depositary Shares are currently listed on the NYSE MKT and trade under the ticker symbol “MHR.PRE”. The payment of dividends to holders of the Depositary Shares will be made in accordance with the terms of the Deposit Agreement which governs the Depositary Shares. (Original Source)

Shares of Magnum Hunter Resources closed last Friday at $0.9596. MHR has a 1-year high of $6.94 and a 1-year low of $0.95. The stock’s 50-day moving average is $1.41 and its 200-day moving average is $2.03.

On the ratings front, Magnum Hunter Resources has been the subject of a number of recent research reports. In a report issued on July 14, KeyBanc analyst David Deckelbaum maintained a Buy rating on MHR, with a price target of $2.50, which represents a potential upside of 160.5% from where the stock is currently trading. Separately, on June 9, Imperial’s Kim Pacanovsky downgraded the stock to Sell and has a price target of $1.25.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Deckelbaum and Kim Pacanovsky have a total average return of -30.5% and -44.2% respectively. Deckelbaum has a success rate of 10.7% and is ranked #3703 out of 3724 analysts, while Pacanovsky has a success rate of 10.2% and is ranked #3722.

Magnum Hunter Resources Corporation is an oil and exploration and production company. The Company is engaged in exploration, acquisition, development and production of crude oil, natural gas and NGLs resources in the United States and Canada.