During Wednesday’s current trade, Magnum Hunter Resources Corp (NYSE:MHR)’s shares decline -3.66% to $1.58.
In a report published Wednesday, Imperial Capital analyst Kim Pacanovsky downgraded the rating on Magnum Hunter Resources Corp (MHR) from In-Line to Underperform, while lowering the price target from $1.75 to $1.25. The analyst believes that the share price is likely to drop below its current level, going forward.
The analyst believes that given the company’s debt and preferred burden, in addition to transactional risk, Magnum Hunter is likely to face challenges to generation adequate funds to spur growth, unless gas prices start to rise.
The company now anticipates the sale proceeds from its West Virginia non-core segment to be lower than earlier anticipated. Although Magnum Hunter has declared liquidity initiatives worth $300 million, the analyst believes that there could be noteworthy risk to achieving this target, given the current dollar levels.
Magnum Hunter Resources Corporation, an independent oil and gas company, explores for, exploits, acquires, develops, and produces crude oil, natural gas, and natural gas liquid resources in the United States. The company operates through the U.S. Upstream, Midstream, and Oilfield Services segments.
Entergy Corporation (NYSE:ETR)‘s shares gain 0.24% to $71.07, during the current trading session Wednesday’s, hitting its highest level.
Entergy Corporation (ETR) declared that Robert Hall III has been named vice president, federal governmental affairs. Based in Entergy’s Washington, D.C., office, Hall’s responsibilities comprise developing and implementing the company’s stakeholder engagement strategies with elected officials and key policymakers.
Hall comes to Entergy from General Electric, where he served as the lead U.S. government affairs advocate for the company’s multiple energy technologies through his role as executive counsel. During his nearly 30 year career in Washington, Hall also worked at Dutko Worldwide as a senior vice president, as managing director of global government affairs at INVISTA and at Koch Industries as director, government affairs. He began his career as legislative counsel in the office of Sen. Sam Nunn.
Hall received his bachelor’s degree in political science from the University of Georgia and his Juris Doctor from the University Of Georgia School Of Law. He is a member of the State Bar of Georgia. Hall will report to Kimberly Despeaux, senior vice president, federal policy, regulatory and governmental affairs.
Entergy Corporation, together with its auxiliaries, engages in the electric power production and retail electric distribution operations in the United States. It operates in two segments, Utility and Entergy Wholesale Commodities. The Utility segment generates, transmits, distributes, and sells electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, counting the City of New Orleans; and distributes natural gas.
In a mid-morning trade, ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS)‘s shares plunge -1.93% to $64.52.
Isis Pharmaceuticals, Inc. (ISIS) declared that its license agreement with Bayer HealthCare (Bayer) to develop and commercialize ISIS-FXIRx has received clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Based on this approval, Bayer will pay Isis an immediate $100 million up-front payment. In total, Isis is eligible to receive up to $375 million in payments, counting the upfront payment and a $55 million near-term milestone payment upon advancement of the program following the Phase 2 study in patients with compromised kidney function. In addition, Isis is eligible to receive tiered royalties in the low to high twenty percent ranges on gross margins of ISIS-FXIRx. After completion of ongoing activities at Isis, Bayer will assume all global clinical development in addition to worldwide regulatory and commercialization responsibilities for ISIS-FXIRx.
Isis Pharmaceuticals, Inc. engages in the discovery and development of antisense drugs using novel drug discovery platform. The company’s flagship product comprises the KYNAMRO injection, which is an apo-B synthesis inhibitor for patients with homozygous familial hypercholesterolemia; and for the reduction of low-density lipoprotein cholesterol. It also has a pipeline of 38 drugs in development for the treatment of various diseases, counting cardiovascular and metabolic diseases; severe and rare diseases, which comprise neurological disorders; and cancer.
TECO Energy, Inc. (NYSE:TE), during its Wednesday’s current trading session 0.51% gain and closed at $17.88.
A partner of TECO Energy, Inc. (TE) has reached a non-binding letter of intent with a new buyer for the sale of all of its interest in TECO Coal LLC.
The sales agreement with Kentucky-based Cambrian Coal Corp. did not close on June 5, 2015, because the buyer could not satisfy the conditions precedent to closing, and that agreement is now terminable by either party. The new buyer does not expect to require external financing.
The transaction would be subject to the negotiation of a definitive agreement and obtaining third-party consents, and the parties presently expect to close on the sale on or before July 3.
TECO Energy, Inc., an electric and gas utility holding company, engages in the regulated electric and gas utility operations. It generates purchases, transmits, distributes, and sells electric energy to retail customers, in addition to utilities and other resellers of electricity in West Central Florida; and has electric generating plants with a winter peak generating capacity of 4,668 megawatts.
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