Citing Magnum Hunter's (Amex:MHR) significant exposure to Marcellus shale and Eagle Ford trends, Canaccord Genuity maintained a "Buy" rating on them while raising their price target.
Canaccord sees Magnum having a solid 2011.
"We are increasingly constructive on the company’s management team and its relative growth potential in the Eagle Ford and Marcellus trends. In our view, Magnum Hunter is well positioned to outperform based on its leading exposure to the Eagle Ford oil trend and material catalysts (including three initial Eagle Ford well results, Eagle Ford JVs, two initial Marcellus wells, and midstream announcements)," said Canaccord.
Magnum closed Wednesday at $4.76, remaining the same as the prior trading session. Canaccord has a price target of $5.75 on them.
Showing posts with label Magnum Hunter Resources. Show all posts
Showing posts with label Magnum Hunter Resources. Show all posts
Thursday, October 28, 2010
Friday, September 17, 2010
Magnum Hunter (AMEX:MHR), DCP (NYSE:DPM) in Natural Gas Joint Venture
Magnum Hunter Resources Corporation (AMEX:MHR) and DCP Midstream Partners, LP (NYSE:DPM) announced they're forming a natural gas joint venture in Ohio and West Virginia.
Each company will hold a 50 percent stake in the new company named Gathering JV.
To get the project going they're going to spend a combined $35 million, with DCP contributing $22.5 million and Magnum the other $12.5 million.
At closing DCP will also pay Magnum another $5 million for specific rights of way which are provided by Magnum, but beyond the original scope of the investment.
Each company will hold a 50 percent stake in the new company named Gathering JV.
To get the project going they're going to spend a combined $35 million, with DCP contributing $22.5 million and Magnum the other $12.5 million.
At closing DCP will also pay Magnum another $5 million for specific rights of way which are provided by Magnum, but beyond the original scope of the investment.
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