Halcon Resources Corp (NYSE:HK) shares dropped 6.5% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $1.28 and last traded at $1.29. Approximately 11,880,017 shares changed hands during mid-day trading, an increase of 177% from the average daily volume of 4,294,584 shares. The stock had previously closed at $1.38.
The energy company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.02). The firm had revenue of $60.34 million during the quarter, compared to the consensus estimate of $64.94 million. Halcon Resources had a negative return on equity of 1.05% and a negative net margin of 101.20%.
Several research analysts have issued reports on the company. Bank of America lowered Halcon Resources from a “neutral” rating to an “underperform” rating in a report on Friday, January 4th. Seaport Global Securities lowered Halcon Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from $6.00 to $3.00 in a report on Monday, December 10th. Zacks Investment Research lowered Halcon Resources from a “hold” rating to a “sell” rating in a report on Friday, January 4th. JPMorgan Chase & Co. lowered Halcon Resources from a “neutral” rating to an “underweight” rating in a report on Friday, December 7th. Finally, Imperial Capital cut their price target on Halcon Resources from $6.00 to $3.00 and set an “outperform” rating on the stock in a report on Thursday, December 27th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $5.34.
A number of large investors have recently made changes to their positions in the business. Oaktree Capital Management LP lifted its holdings in shares of Halcon Resources by 805.5% in the fourth quarter. Oaktree Capital Management LP now owns 11,500,000 shares of the energy company’s stock valued at $19,550,000 after purchasing an additional 10,230,000 shares in the last quarter. LSP Investment Advisors LLC lifted its holdings in shares of Halcon Resources by 132.3% in the fourth quarter. LSP Investment Advisors LLC now owns 8,039,931 shares of the energy company’s stock valued at $13,668,000 after purchasing an additional 4,578,499 shares in the last quarter. Wilks Brothers LLC lifted its holdings in shares of Halcon Resources by 31.4% in the third 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 in the last quarter. Walthausen & Co. LLC bought a new position in shares of Halcon Resources in the third quarter valued at approximately $9,868,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Halcon Resources by 29.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,159,837 shares of the energy company’s stock valued at $13,872,000 after purchasing an additional 1,870,829 shares in the last quarter.
The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.64. The firm has a market cap of $223.33 million, a price-to-earnings ratio of -8.60 and a beta of 3.79.
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About Halcon Resources (NYSE:HK)
HalcÃ³n 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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