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
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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.
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Dec. 16, 2013, 9:59 AM
- Halcon Resources (HK +3.4%) says it is cutting its planned capital spending for 2014 by 14% to ~$950M, including drilling work, while maintaining its previously issued 2014 production guidance of 38K-42K boe/day.
- HK, which recently acquired acreage in the Tuscaloosa Marine shale play while already selling off ~$300M in non-core conventional assets, says it aims to make further asset disposals of $300M-$400M next year.
- HK also intends to offer an additional $400M of its 9.75% senior unsecured notes due 2020 to help pay down debt.
Dec. 5, 2013, 11:34 AM
- Halcon Resources (HK +6.5%) is upgraded to Equal Weight from Underweight at Morgan Stanley, which says bearish catalysts have played out and shares no longer reflect overly optimistic growth and NAV assumptions.
- HK already has raised capex guidance and lowered production expectations for 2013 and 2014, exploration disappointed the market's high hopes, and HK raised capital to maintain liquidity.
Nov. 19, 2013, 9:55 AM
- "We're not the flavor of the day right now," Halcon Resources (HK -2.7%) CEO Floyd Wilson says of concerns about the company's ability to find enough oil and gas to pay for aggressive drilling and production plans, but he thinks the worries are off target: "Our job is to build a large inventory of good oil wells and that's what we're doing," he tells WSJ.
- Goldman Sachs is the latest to warn about HK's outlook, issuing a Sell rating as it argues that mediocre drilling results in two areas will force HK to either to sell assets or more shares to cover drilling costs.
- Another factor hurting HK: Some forecasters say crude oil prices have further to fall, driven by worries about China's economy and rising crude inventory levels; in that environment, investors are selling off stocks of higher-risk companies with large debt loads such as HK.
Nov. 6, 2013, 11:47 AM
- Halcon Resources (HK -9.6%) is downgraded to Sell from Neutral with a $3.50 price target, down from $6, at Global Hunter, citing the risk associated with HK's levered balance sheet and repeated overspending as greater than the potential upside associated with development of its asset base.
- HK's inventory is relatively light for a company approaching $6B in enterprise value, the firm says, and sees the market still applying too much credit to HK's portfolio of emerging plays that have shown a lack of consistently strong results.
- Shares are cut to Hold from Buy at Canaccord, preferring to move to the sidelines due to HK's stretched valuation, reduced NAV, high financial leverage, and the Utica taking longer to pan out.
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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