Halcon Resources (NYSE:HK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.
According to Zacks, “Halcon Resources Corporation is an energy company engaged in the acquisition, exploration and development of onshore oil and natural gas properties in the United States. The Company operates in Wichita, Wilbarger and Starr Counties in Texas, Pontotoc and Seminole Counties, Oklahoma, and Louisiana. Halcon Resources Corporation, formerly known as RAM Energy Resources, Inc., is based in Louisiana, USA. “
A number of other brokerages also recently issued reports on HK. ValuEngine raised Halcon Resources from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Bank of America decreased their price target on Halcon Resources from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, August 2nd. JPMorgan Chase & Co. started coverage on Halcon Resources in a report on Wednesday, July 25th. They set a “neutral” rating and a $6.00 price target for the company. Finally, Imperial Capital decreased their price target on Halcon Resources from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $7.54.
In other news, Director Ares Management Llc sold 350,000 shares of Halcon Resources stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $3.90, for a total transaction of $1,365,000.00. Following the sale, the director now owns 86,857 shares in the company, valued at $338,742.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.70% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN increased its position in shares of Halcon Resources by 2.4% during the first quarter. Wells Fargo & Company MN now owns 552,211 shares of the energy company’s stock worth $2,690,000 after purchasing an additional 13,053 shares in the last quarter. AMP Capital Investors Ltd acquired a new stake in shares of Halcon Resources during the second quarter worth about $101,000. Laurion Capital Management LP acquired a new position in Halcon Resources in the 2nd quarter valued at about $107,000. Guggenheim Capital LLC increased its position in Halcon Resources by 111.3% in the 1st quarter. Guggenheim Capital LLC now owns 54,095 shares of the energy company’s stock valued at $264,000 after acquiring an additional 28,497 shares during the period. Finally, California Public Employees Retirement System acquired a new position in Halcon Resources in the 2nd quarter valued at about $168,000.
Halcon Resources Company Profile
Halcón Resources Corporation, an independent energy company, engages in the acquisition, production, exploration, and development of onshore oil and natural gas assets in the United States. As of February 28, 2018, the company held interests in 21,679 net acres in the Monument Draw area of the Delaware Basin, located in Pecos and Reeves Counties, Texas; and 27,035 net acres in the Hackberry Draw area of the Delaware Basin, located in Pecos and Reeves Counties, Texas.
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