Nov. 28, 2014, 9:17 AM| 13 Comments
Nov. 14, 2014, 5:38 PM
Nov. 10, 2014, 5:59 PM
- Halcon Resources (NYSE:HK) -5.8% AH after reporting Q3 earnings and revenues that were short of analyst expectations, as it says it will cut nearly half the rigs it originally planned to operate next year due to sliding crude oil prices.
- HK says it expects to operate six rigs next year, five rigs less than originally planned, and reduces its 2015 capex budget to $750M-$800M from $950M in 2014.
- Despite the reduced capital budget, HK believes the Williston Basin and El Halcón assets should drive Y/Y production growth of 15%-20% in 2015.
- HK says it currently operates eight rigs across its holdings and expects to deliver annual production towards the high end of previously disclosed FY 2014 production guidance of 40K-42K boe/day.
Nov. 10, 2014, 4:02 PM| 1 Comment
Nov. 9, 2014, 5:35 PM
Nov. 4, 2014, 9:15 AM
Aug. 18, 2014, 10:43 AM
- Halcon Resources (HK -0.8%) is upgraded to Buy from Hold with an $8 price target at MLV & Co., which notes HK has suffered a rocky road to this point but believes its growth outlook has been enhanced by a focus on three core oil plays.
- MLV says it is encouraged by consecutive quarters of better than expected execution, highlighted by a 2014 production guidance raise.
- The firm says the market can't keep ignoring HK's continued execution, with the recent pullback in the stock unwarranted and representing a compelling entry point.
Jul. 30, 2014, 4:24 PM
Jul. 29, 2014, 5:35 PM
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Jun. 25, 2014, 2:55 PM
- Halcon Resources (HK +4.4%) is higher after Miller Tabak initiates coverage of the energy E&P company with a Buy rating and a $9 price target, believing HK will significantly outperform the E&P sector in 2014 as investors begin to realize the massive upside of the company's divisions.
- The firm says HK offers growth with a top-tier management team, and foresees multiple expansion in the stock price over the next 12 months as the company executes on its developmental drilling program and its balance sheet improves.
Jun. 17, 2014, 3:59 PM
- Halcon Resources (HK +2.1%) hits a new 52-week high as Canaccord raises its price target for the shares to $6 from $5.50, despite a stretched valuation and high financial leverage.
- HK has built positions in two of the leading U.S. liquids-rich resource plays, the Williston Basin and Eagle Ford, but it has established the Tuscaloosa Marine Shale as a third core area, and the firm says HK's new partnership should speed development there.
Jun. 9, 2014, 2:18 PM
- Halcon Resources (HK -2.2%) says Apollo Global Management (APO -1.2%) will invest up to $400M in one of its wholly owned subsidiaries that will hold all of its 314K acres in the Tuscaloosa Marine Shale, which stretches across Louisiana and Mississippi.
- Apollo will contribute $150M for 150K preferred shares of the subsidiary, with an option to buy 250K additional shares, and will receive up to 4% overriding royalty interest from 75 wells to be drilled and completed on the Tuscaloosa acreage.
- HK also says its Horseshoe Hill 11-22-H-1 well in Mississippi had an initial daily production rate of 1,208 bbl of oil and 1.1M cf of natural gas.
- HK already had said it plans to begin drilling 10-12 wells in the TMS this year and expects to participate in 15-20 non-operated wells.
Jun. 5, 2014, 2:58 PM
- Halcon Resources (HK +3.8%) is maintained at Buy but with a $9 price target, raised from $7, at Wunderlich, which notes shares have climbed due to continued growth of HK's Tuscaloosa Marine Shale acreage position and initial activity.
- Upcoming initial well results and the potential for a Tuscaloosa joint venture could begin to show the value in the play while also allowing HK to boost its production and liquidity positions, the firm says, adding that it believes these potential catalysts are not priced into the stock.
May. 7, 2014, 4:23 PM| 2 Comments
May. 6, 2014, 5:35 PM
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Apr. 14, 2014, 2:56 PM
- Goodrich Petroleum (GDP +28.9%) soars nearly 30% after reporting strong results from a well drilled in the emerging Tuscaloosa Marine shale play at a cheaper cost than any previous successful well.
- The Blades well is the first confirming data point on the acreage acquired from Devon and helps de-risk this acreage, according to Wells Fargo, and goes a long way towards addressing issues with drilling out plugs - "a very positive development."
- GDP's results are cause for excitement among investors in Halcon Resources (HK +8.5%), whose first Tuscaloosa well is expected next month with another five wells planned to be spudded by July.
HK vs. ETF Alternatives
Halcon Resources Corp is an oil and natural gas company, which is engaged in the acquisition, production, exploration and development of onshoreliquids-rich oil and natural gas assets in the United States.
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