Magnum Hunter (NYSE:MHR) Has Catalyst Galore Says Jefferies (NYSE:JEF)

Citing their exposure to WV Marcellus, Eagle Ford, with their first well in Ohio Marcellus about to come online, Jefferies (NYSE:JEF) sees Magnum Hunter (NYSE:MHR) performing strongly.

Results from Eagle Ford and WV Marcellus are expected to be released soon, which should come back positive.

Even though 2011 may take some time to play out, heading into 2012 Jefferies sees Magnum Hunter's share price soaring.

For full year 2011 they lowered their EPS estimate on Magnum from $0.25 to $0.15, while keep an EPS estimate of $0.15 for 2012.

As for price targets, that has been raised by Jefferies on Magnum in 2012 from $4.80 to $11.

Jefferies maintains a "Buy" rating on Magnum, which was trading at $7.28, down $0.64, or 8.08 percent, as of 12:23 PM EST.