Halcon Vulnerable to Falling Commodity Prices; Decreasing FVE to $5 per Share
After refreshing our model to incorporate Halcon's first-quarter financial and operating results we are reducing our fair value estimate to $5 per share. Despite last year's restructuring the company's leverage remains at the higher end of the peer group range. Net debt/EBITDA was 2.2 times at the end of the quarter, which isn't unmanageable but does make the firm more vulnerable if commodity prices disappoint. We think the recent ramp-up in industrywide activity, coupled with OPEC's eventual re...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.
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