Halcon Resources Corp (NYSE:HK) provided an update on the progress of its ongoing efforts to improve its balance sheet.

As previously announced the Company is working with PJT Partners and Weil, Gotshal & Manges LLP to explore opportunities to materially reduce its indebtedness while preserving liquidity. The Company is currently in discussions with certain stakeholders and is negotiating terms of a potential transaction which could materially reduce the Company’s indebtedness. There are no definitive agreements in place at this time and there is no assurance that such a transaction will be consummated, but the Company is encouraged by the progress made to date. Halcón will report additional information regarding its balance sheet initiatives as appropriate. (Original Source)

Shares of Halcon Resources closed today at $0.97, up $0.06, or 6.63%. HK has a 1-year high of $10.15 and a 1-year low of $0.20. The stock’s 50-day moving average is $0.86 and its 200-day moving average is $1.99.

On the ratings front, Wunderlich Securities analyst Irene Haas downgraded HK to Hold, with a price target of $1, in a report issued on January 28. The current price target represents a slight upside potential from current levels. According to TipRanks.com, Haas has a yearly average return of -7.5%, a 40.6% success rate, and is ranked #3576 out of 3762 analysts.

Halcón Resources Corp. is an independent energy company engages in the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S. The company operates through one segment which focuses on oil and natural gas acquisition, production, exploration and development. Halcón Resources was founded in 1987 and is headquartered in Houston, TX.