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Magnum Hunter Resources Corporation

5/18/2013, 6:35 AM ET

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Tuesday, May 7, 12:48 PM Magnum Hunter (MHR +3.3%) announces the acquisition of a new drilling rig for the Utica shale in Ohio, which raises its fleet to five rigs. Unlike traditional drilling rigs which are on rails and only allow limited movement, MHR's T500XD rig has a walking sub-base which lifts the entire rig six inches above the ground allowing it to turn and rotate. MHR also discloses a 15.3% passive stake in Penn Virginia (PVA +2%). 7 Comments [Energy, On the Move]
Wednesday, April 24, 3:10 PM Magnum Hunter (MHR +16.9%) shares have been pushing higher all day, although the only news is the closing of the previously announced sale of Eagle Ford shale properties to Penn Virginia (PVA) for $401M. The stock actually received a downgrade, to Neutral from Add at CapitalOne; earlier this week, Deutsche Bank cut shares to Hold and chopped its price target in half. 4 Comments [Energy, On the Move]
Friday, April 19, 10:24 AM Goldman suspends coverage of Magnum Hunter (MHR -6.6%) due to a lack of sufficient visibility into MHR's financials following the dismissal of its auditor and another delay in the filing of its 2012 10-K. UBS downgrades shares to Neutral from Buy and cuts its price target to $3 from $5, saying management provided some clarity on its conference call but only from its perspective. 17 Comments [Energy, On the Move]
Wednesday, April 17, 5:45 PM After-hours top gainers, as of 5:15 p.m.: CONE +9%. SLCA +4%. MXIM +4%. LNC +4%. MHR +3%.
After-hours top losers: SCSS -7%. CCK -4%. SNDK -3%. NAVB -3%. EBAY -2%. Comment! [On the Move]
Wednesday, April 17, 2:13 PM Magnum Hunter (MHR -18.6%) is defended by SunTrust after the oil and gas explorer fired its auditor, sending shares plunging, Analyst Neal Dingmann says a major writedown is unlikely, and he believes proven reserves, MHR's credit facility and sales in Eagle Ford will not be affected. SunTrust has a Buy rating on the stock with a $10 price target. 7 Comments [Energy, On the Move]
Wednesday, April 17, 12:59 PM Midday top 10 gainers: ACUR +53%. ECTY +16%. PCYG +16%. ALKS +15%. OCZ +15%. OGEN +14%. RECV +12%. CASM +11%. ATLS +11%. CHLN +11%.
Midday top 10 losers: EOPN -26%. CNIT -26%. INWK -25%. MHR -21%. CXW -18%. CRMB -16%. CRUS -16%. EPAX -14%. BMI -14%. EMXX -14%. Comment! [On the Move]
Wednesday, April 17, 9:43 AM Magnum Hunter (MHR -17.7%) plunges at the open after disclosing it dismissed Pricewaterhouse as its auditor. MHR says PwC advised that information had come to its attention that if further investigated may have a material impact on the fairness or reliability of consolidated financial statements. 14 Comments [Energy, On the Move]
Wednesday, April 17, 9:12 AM Premarket gainers: VRML +29%. ACUR +26%. OCZ +18%. CUR +9%. ALKS +9%. ABMD +9%. ASML +6%.
Losers: EOPN -29%. INWK -25%. CXW -15%. MHR -12%. ZGNX -11%. TXT -9%. CRUS -7%. VRNG -6%. 1 Comment [On the Move]
Tuesday, April 16, 2:29 PM Two workers injured in an explosion last week at a West Virginia compression station owned by Magnum Hunter (MHR -0.9%) reportedly have died. The flash fire "was fueled by natural gas liquids that ignited in tanks during pipeline pigging operations," MHR had said earlier; the pipeline was shut as a safety precaution, affecting ~2,170 boe/day of production from nearby MHR wells. 2 Comments [Energy]
Tuesday, April 16, 8:40 AM Magnum Hunter (MHR) +5.4% premarket after issuing its Q1 operational update. Total daily production nears 20K boe/day; MHR says it is not cutting its 2013 production guidance even after losing ~3,200 boe/day later this month due to its Eagle Ford sale. Maintains overall $300M upstream capex budget for the year. Comment! [Energy, On the Move]
Monday, April 15, 7:00 PM The list of 52-week lows reached today is littered with miners and resource names: ABX, ACI, AG, AKS, ANV, AU, AUQ, AUY, CDE, CLF, CVE, EGO, EXK, EXXI, FCX, FNV, FST, GFI, GG, GOLD, HL, HMY, IAG, IPI, KGC, MHR, MT, MTL, NEM, NFX, NG, NGD, NOG, PAAS, PWE, RGLD, RIC, SA, SAND, SGY, SSRI, SVM, TCK, TGB, TRQ, WLT, WTI, X. 5 Comments [Commodities, Energy]
Friday, April 12, 1:54 PM Magnum Hunter Resources (MHR -2.5%) begins drilling its first operated well in Ohio's Utica shale, not far from three horizontals drilled by MHR targeting the Marcellus shale to the east. MHR says about half of its 79K-acre net Utica position is in the wet-gas window of the play. 3 Comments [Energy, On the Move]
Wednesday, April 3, 2:58 PM Recent asset sales (I, II) by Magnum Hunter (MHR +3.9%) and Quicksilver Resources (KWK +2.9%) are just the beginning, as drillers reach a point where their cash flow isn't enough to pay down big debts racked up in the shale land grab. The combined long-term debt for 85 small and midsize U.S. drillers was more than $130B at the end of Q3 2012, according to one estimate. 2 Comments [Energy, On the Move]
Wednesday, April 3, 9:10 AM Premarket gainers: CALL +14%. CONN +10%. ZNGA +10%. ASTX +10%. UNXL +9%. AWRE +9%. OMPI +9%. NVAX +9%. ALXA +8%. MHR +7%. NFX +6%.
Losers: MSPD -19%. GPN -7%. 3 Comments [On the Move]
Wednesday, April 3, 7:20 AM Penn Virginia (PVA) says it will buy all of Magnum Hunter Resources' (MHR) Eagle Ford Shale properties for $401M in a deal slated to close by mid-May. The purchase will add the equivalent of over 3.2M barrels of oil production a day for the company. 6 Comments [Energy, M&A]
Monday, March 18, 2:58 PM Magnum Hunter's (MHR -0.6%) conference call went a long way toward reassuring investors after the delay in filing its 10-K. After changes in MHR's auditor and reserve engineer, accounting work has been overwhelming, CEO Gary Evans says; he was confident enough to issue positive preliminary numbers. After putting out today's press release, MHR received approval from all its lenders. 5 Comments [Energy]