Magnum Hunter Resources Corp (NYSE:MHR) announced that the Board of Directors has appointed Chris Hewitt as Vice President – Finance and Capital Markets effective September 15, 2015. Mr. Hewitt, age 45, will report directly to Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter.
Mr. Hewitt brings more than 14 years of investment banking experience, including 12 years providing equity and debt capital markets and mergers and acquisition advisory services for large independent oil and gas exploration and production companies. Mr. Hewitt has extensive experience in executing capital market transactions, including initial public and follow-on equity offerings as well as investment grade and high yield debt offerings. Prior to his appointment at Magnum Hunter, Mr. Hewitt served as Director of energy investment banking at Wells Fargo Securities since 2010. During his 9 year tenure at Wells Fargo Securities (previously Wachovia Capital Markets) he also served as Vice President of energy investment banking. Prior to joining Wells Fargo / Wachovia, Mr. Hewitt served in various investment banking roles at both Lehman Brothers and Bear Stearns & Company. Mr. Hewitt earned a Bachelor of Arts degree in International Relations from the University of Notre Dame. In addition, Mr. Hewitt holds a Juris Doctorate from the University of Texas School of Law and a Masters of Business Administration from the Fuqua School of Business at Duke University. (Original Source)
Shares of Magnum Hunter Resources opened today at $0.50 and are currently trading down at $0.4795. MHR has a 1-year high of $6.45 and a 1-year low of $0.46. The stock’s 50-day moving average is $0.76 and its 200-day moving average is $1.61.
On the ratings front, Magnum Hunter has been the subject of a number of recent research reports. In a report issued on September 8, Deutsche Bank analyst Josh Silverstein maintained a Hold rating on MHR, with a price target of $1, which implies an upside of 100.0% from current levels. Separately, on July 14, KeyBanc’s David Deckelbaum maintained a Buy rating on the stock and has a price target of $2.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Josh Silverstein and David Deckelbaum have a total average return of -23.6% and -36.4% respectively. Silverstein has a success rate of 0.0% and is ranked #3720 out of 3766 analysts, while Deckelbaum has a success rate of 10.7% and is ranked #3749.
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.