UPDATE: Rodman & Renshaw Raises Magnum Hunter's PT to $8
In a recent research report, Rodman & Renshaw increased Magnum Hunter Resources Corp.'s (NYSE: MHR) PT from $7.50 to $8 due to production trending above expectations.
According to Rodman & Renshaw, “Higher EURs in the Marcellus cause our target to rise $0.50 to $8.00, and additional upside could come from continued strong results in the company's core plays. We are maintaining our Market Outperform rating as we see 35%-40% upside from current levels. We arrive at our target price by applying a 1x multiple to our NAV of the company's proved and risked upside reserves, valued at long-term commodity prices of $90/Bbl and $5/Mcf.”
Magnum Hunter Resources closed yesterday at $5.75.
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