Interesting point. Halcon is managing liquidity in several ways: (1) via remaining borrowing capacity of $477M in senior credit line, (2) sales of non-core assets, (3) operating cash flow, and (4) capital market (debt or equity). (1) through (3) suffice for the near term. Its borrowing base can be increased by increased oil and gas production, etc.
Longer term, when stock performs better and management wants more aggressive growth another equity offering can be expected. So, actively lock in your profit as it arises. But thinking the company might be going bust based on the current ratio is ridiculous. HK is sitting on a lot of treasure that a lot of bankers and investors are eager to lay their hands on. That's why the company's Senior Credit Agreement uses a modified current ratio = "the ratio of current assets plus the unused commitment under the Senior Credit Agreement to current liabilities" to measure the company's working capital level. Refer to the latest 10-Q.
Management should have released Q earnings and held the conference all at the same time instead of holding conference all in the following day. Should they have done both on Monday, analysts might have released their downgrades yesterday therefore causing a one-time hit to the stock price. Now, analysts took time to digest and downgraded in the second day thus causing double shocks to the stock price.