Halcon Resources (HK) Shares Down 8.9% on Disappointing Earnings

Halcon Resources Corp (NYSE:HK) was down 8.9% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $3.43 and last traded at $3.48. Approximately 7,504,493 shares traded hands during trading, an increase of 77% from the average daily volume of 4,250,692 shares. The stock had previously closed at $3.82.

The energy company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $61.60 million for the quarter, compared to analyst estimates of $58.33 million. Halcon Resources had a net margin of 135.43% and a negative return on equity of 1.03%. Halcon Resources’s revenue for the quarter was down 36.5% on a year-over-year basis. During the same period last year, the business posted ($0.06) earnings per share.

A number of research analysts have recently commented on HK shares. ValuEngine raised Halcon Resources from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Zacks Investment Research raised Halcon Resources from a “hold” rating to a “strong-buy” rating and set a $5.00 price target on the stock in a report on Wednesday, October 3rd. Bank of America lowered their price target on Halcon Resources from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, August 2nd. JPMorgan Chase & Co. assumed coverage on Halcon Resources in a report on Wednesday, July 25th. They set a “neutral” rating and a $6.00 target price on the stock. Finally, Imperial Capital lowered their target price on Halcon Resources from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $7.54.

In related 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 transaction, the director now directly owns 86,857 shares of the company’s stock, valued at $338,742.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 3.70% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in HK. Wilks Brothers LLC boosted its position in shares of Halcon Resources by 31.4% in the 3rd quarter. Wilks Brothers LLC now owns 15,156,067 shares of the energy company’s stock valued at $67,748,000 after purchasing an additional 3,625,800 shares during the period. BlueMountain Capital Management LLC boosted its position in shares of Halcon Resources by 5.7% in the 2nd quarter. BlueMountain Capital Management LLC now owns 11,716,112 shares of the energy company’s stock valued at $51,434,000 after purchasing an additional 635,128 shares during the period. BlackRock Inc. boosted its position in shares of Halcon Resources by 6.2% in the 2nd quarter. BlackRock Inc. now owns 11,234,185 shares of the energy company’s stock valued at $49,318,000 after purchasing an additional 658,502 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Halcon Resources by 6.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,483,649 shares of the energy company’s stock valued at $24,073,000 after purchasing an additional 341,304 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Halcon Resources by 8.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,986,822 shares of the energy company’s stock valued at $17,821,000 after purchasing an additional 324,836 shares during the period.

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.55. The stock has a market cap of $602.46 million, a price-to-earnings ratio of -22.07 and a beta of 4.05.

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Halcon Resources Company Profile (NYSE:HK)

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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