MLV Boosts Price Target For Halcon Resources On Improving Outlook
In a research report issued today, MLV analyst Chad Mabry maintained a Buy rating on Halcon Resources Corp (NYSE:HK) and raised the price target to $3.00 (from $2.50), which implies an upside of 46% from current levels.
Mabry said, “Raising price target to $3 on improving outlook; Buy rating reiterated HK has been on the defensive ever since the oil price downturn exposed balance sheet and liquidity concerns. But positive surprises in the form of a very strong reserve report and the reaffirmation of its borrowing base are helping to prove such concerns overdone. We’re increasing our NAV-based price target to $3 (from $2.50) and reiterating our Buy rating on the update. We expect HK to get back on offense as oil prices continue to recover”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Chad Mabry has a total average return of -15.0% and a 36.4% success rate. Mabry has a -21.5% average return when recommending HK, and is ranked #3444 out of 3483 analysts.