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Fri, Jan. 29, 7:55 AM| Fri, Jan. 29, 7:55 AM | 15 Comments
Thu, Jan. 28, 7:02 PM
- A lower outlook for oil and natural gas prices prompts a round of reductions in energy company estimates, ratings and price targets at Wunderlich, which downgrades Chesapeake Energy (NYSE:CHK), Halcon Resources (NYSE:HK), Oasis Petroleum (NYSE:OAS) and Whiting Petroleum (NYSE:WLL) to Hold from Buy and SandRidge Energy (NYSE:SD) to Sell from Hold.
- Wunderlich also upgrades Cimarex (NYSE:XEC) to Buy from Hold with a $122 price target price, as the stock has weakened and the firm gives more credit to the company for its Cana-Woodford assets.
- The firm says nearly all of its covered companies that predominantly operate in the Bakken Shale are now rated Hold or Sell, but that it mostly reflects the tougher economics of the region rather than the quality of the companies.
Dec. 18, 2015, 11:23 AM
- Halcon Resources (HK +10.7%) is higher after saying it plans to cut investment spending in half next year in a more "tempered approach” than originally expected due to weak oil prices.
- HK sets a 2016 capital budget of $180M-$210M and expects to reduce drilling and completion activity at key fields in the Bakken Shale in North Dakota and in east Texas, resulting in a production profile that is flat to -5% compared to 2015.
- HK says it is exercising caution even though it has $800M in liquidity and much of its crude production is hedged at $80.59/bbl.
Dec. 16, 2015, 4:49 PM
- Halcon Resources (NYSE:HK) announces a 1:5 reverse stock split, and says shares will begin trading on a split-adjusted basis at the market open on Jan. 5.
- The NYSE had told HK in August that the company's stock had run afoul of its listing requirement that a stock must not trade at less than $1 for 30 consecutive trading days.
- HK shares have fallen by 50% in the past month, a victim of weakening crude oil prices and a heavy debt load; even after a recent debt exchange, in which it offered to exchange new second lien notes for some of its old notes at just $0.39 on the dollar, HK still has more than $3B in outstanding debt.
Nov. 5, 2015, 4:35 PM
- Halcon Resources (NYSE:HK): Q3 EPS of $0.04 beats by $0.03.
- Revenue of $129.9M (-57.6% Y/Y) misses by $79.35M.
Nov. 4, 2015, 5:35 PM
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Aug. 28, 2015, 8:42 AM
- Halcon Resources (NYSE:HK) +11.7% premarket after agreeing to issue $1.02B aggregate principal amount of new 13% senior secured notes due 2022 in exchange for $1.57B in outstanding unsecured debt securities, reducing the company's long-term debt by ~$547M.
- HK also says it received notice from the NYSE that the price of its common stock has fallen below the exchange's continued listing standard.
Aug. 3, 2015, 12:46 PM
Jul. 30, 2015, 4:30 PM
- Halcon Resources (NYSE:HK): Q2 EPS of $0.02 beats by $0.04.
- Revenue of $168M (-48.6% Y/Y) misses by $43.44M.
- Shares +0.9%.
Jul. 29, 2015, 5:35 PM
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Jun. 23, 2015, 9:50 AM
- Halcon Resources (HK +7.5%) opens higher after S&P upgrades its corporate credit rating to B- from SD (selective default), saying HK is unlikely to enter into additional debt-for-equity transactions which the ratings agency could view as distressed exchanges.
- The outlook remains negative, reflecting S&P's view that HK's leverage could deteriorate beyond expectations to approach levels considered unsustainable.
Jun. 4, 2015, 12:45 PM
Jun. 2, 2015, 12:45 PM
Jun. 1, 2015, 12:32 PM
- Halcon Resources (HK +2.8%) is higher following the disclosure that Chairman/CEO Floyd Wilson purchased 1M shares of he company's stock on the open market in transactions last Thursday and Friday.
- The stock was purchased at an average cost of $1.03/share, with a total value of $1,03M; following the transaction, Wilson now directly owns nearly 4.75M HK shares valued at ~$4.9M.
May 5, 2015, 4:35 PM
- Halcon Resources (NYSE:HK): Q1 EPS of -$0.04 misses by $0.02.
- Revenue of $136.2M (-50.5% Y/Y) misses by $74.05M.
May 4, 2015, 5:35 PM
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Halcon Resources Corp is an oil and natural gas company, which is engaged in the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the United States.
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