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Magnum Hunter Resources Corp. Message Board

  • csmittle2002 csmittle2002 Aug 9, 2013 9:57 AM Flag

    Magnum Hunter Resources Earnings: Here’s Why Investors are Not Happy Now

    Magnum Hunter Resources Earnings: Here’s Why Investors are Not Happy Now
    By Derek Hoffman
    August 09, 2013
    Page 1 of 2

    Magnum Hunter Resources Corporation (NYSE:MHR) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 3.89%.

    Results: Adjusted Earnings Per Share increased to $-0.18 in the quarter versus EPS of $-0.04 in the year-earlier quarter.

    Revenue: Rose 39.3% to $84 million from the year-earlier quarter.

    Actual vs. Wall St. Expectations: Magnum Hunter Resources Corporation reported adjusted EPS loss of $0.18 per share. By that measure, the company missed the mean analyst estimate of $-0.12. It missed the average revenue estimate of $92.16 million.

    Quoting Management: Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources, commented, “The production growth momentum we previously expressed to our shareholders is now becoming a reality. We reiterate today our projected production growth exit rate of 23,000 – 25,000 Boepd for year-end 2013. This projection excludes any new Utica wells located in Southeastern Ohio that are planned for completion prior to year-end. We are staying within our capital budget program having only spent approximately one-third of our annual budget through the first six months of the year. Our midstream subsidiary continues to hit record throughput volumes each month with current take-away north of 125,000 MMBtu per day. The Williston Basin division is now producing approximately 6,000 Boepd with a target of 7,000 Boepd by the end of the year. Non-core asset sales preparations are picking up speed with announcements of transactions anticipated in the near future.....