Company Update (NYSE:MHR): Magnum Hunter Resources Corp Declares Monthly Cash Dividend on Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock


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 September 2015, is payable on September 30, 2015, to holders of record at the close of business on September 15, 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 September 2015, is payable on September 30, 2015, to holders of record at the close of business on September 15, 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 September 2015, is payable on September 30, 2015, to holders of record at the close of business on September 15, 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 yesterday at $0.80. MHR has a 1-year high of $6.92 and a 1-year low of $0.70. The stock’s 50-day moving average is $1.02 and its 200-day moving average is $1.84.

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 212.5% 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 -29.1% and -36.9% respectively. Deckelbaum has a success rate of 10.7% and is ranked #3712 out of 3742 analysts, while Pacanovsky has a success rate of 19.4% and is ranked #3739.

The street is mostly Neutral on MHR stock. Out of 4 analysts who cover the stock, 3 suggest a Hold rating and one recommends to Buy the stock.

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.