Halcon has emerged from restructuring with a stronger balance sheet.
Halcon's recent restructuring has eliminated $1.8 billion of outstanding debt, which dramatically improves the firm's balance sheet (on a pro-forma basis the firm's net debt to trailing EBITDA is around 2 times, which is in line with the peer average). However, the process was extremely punitive for common stockholders, with 96% of the firm's equity being transferred to creditors. We believe the fair value estimate of the newly issued shares is $3.50, which is only about a third of the closing p...Halcon Resources is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S. The company focuses on oil and natural gas acquisition, production, exploration and development in the Delaware Basin. The company's properties and drilling activities are focused in the Delaware Basin in Pecos, Reeves, Ward and Winkler Counties, TX.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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