Wednesday, January 26, 2011

Magnum Hunter (NYSE:MHR) Ready to Soar Says Canaccord

Magnum Hunter (NYSE: MHR) has a powerful asset base and strong growth potential, says Canaccord, and is ready to outperform in their view.

Canaccord says, "We are increasingly constructive on Magnum Hunter’s asset base and relative growth potential. In particular, we are very encouraged by the announced transactions and MHR’s strong start in the Eagle Ford and Marcellus projects. We believe the stock is well positioned to outperform based on its leading exposure to the Eagle Ford, Marcellus, and Bakken oil trends and material catalysts (Eagle Ford wells, bolt-on transactions and JV partnerships). In addition, we continue to encourage investors to note that MHR projects very well into 2012 based on the growth and quality of its 2011 investments."

Canaccord Genuity maintains a 'Buy' rating on Magnum Hunter (MHR), which closed Tuesday at $7.00, down $0.19, or 2.64 percent. Canaccord raised their price target on Magnum Hunter to $8.75.

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