Formula Growth Ltd. Acquires New Stake in Halcon Resources Corp (HK)

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Formula Growth Ltd. acquired a new position in Halcon Resources Corp (NYSE:HK) during the 2nd quarter, HoldingsChannel reports. The firm acquired 1,667,378 shares of the energy company’s stock, valued at approximately $7,320,000.

Several other hedge funds also recently bought and sold shares of HK. Point72 Asia Hong Kong Ltd bought a new position in Halcon Resources during the first quarter valued at approximately $114,000. Laurion Capital Management LP bought a new position in Halcon Resources during the second quarter valued at approximately $107,000. SG Americas Securities LLC bought a new position in Halcon Resources during the first quarter valued at approximately $148,000. Mackay Shields LLC bought a new position in Halcon Resources during the first quarter valued at approximately $171,000. Finally, Guggenheim Capital LLC grew its position in Halcon Resources by 111.3% during the first quarter. Guggenheim Capital LLC now owns 54,095 shares of the energy company’s stock valued at $264,000 after acquiring an additional 28,497 shares during the last quarter.

A number of brokerages have commented on HK. ValuEngine cut shares of Halcon Resources from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Imperial Capital reduced their price target on shares of Halcon Resources from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Friday, August 3rd. Zacks Investment Research upgraded shares of Halcon Resources from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. JPMorgan Chase & Co. began coverage on shares of Halcon Resources in a research report on Wednesday, July 25th. They set a “neutral” rating and a $6.00 price target on the stock. Finally, Bank of America reduced their price target on shares of Halcon Resources from $9.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, August 2nd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Halcon Resources currently has an average rating of “Buy” and a consensus target price of $8.00.

In other news, Director Ares Management Llc sold 986,276 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $3.82, for a total transaction of $3,767,574.32. Following the completion of the sale, the director now owns 86,857 shares of the company’s stock, valued at $331,793.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.70% of the company’s stock.

NYSE:HK opened at $4.58 on Wednesday. Halcon Resources Corp has a fifty-two week low of $3.56 and a fifty-two week high of $9.07. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.87 and a quick ratio of 0.87.

Halcon Resources (NYSE:HK) last released its quarterly earnings data on Wednesday, August 1st. The energy company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.18. The firm had revenue of $55.40 million during the quarter, compared to analyst estimates of $56.07 million. Halcon Resources had a negative return on equity of 1.03% and a net margin of 135.43%. The business’s revenue for the quarter was down 53.9% on a year-over-year basis. research analysts forecast that Halcon Resources Corp will post -0.03 EPS for the current fiscal year.

Halcon Resources Profile

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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Institutional Ownership by Quarter for Halcon Resources (NYSE:HK)

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