On Tuesday, Shares of Magnum Hunter Resources Corp (NYSE:MHR), lost -8.11% to $0.340. 11.95 million shares of the company were exchanged.
Magnum Hunter Resources Corporation (NYSE: MHR) declared that it has hired PJT Partners LP (NYSE: PJT) (the combination of Blackstone’s advisory businesses and PJT Capital LP, a global financial advisory firm founded by Paul J. Taubman), as financial advisor, and Kirkland & Ellis LLP, as special legal advisor, to advise administration and the Company’s Board of Directors regarding potential planned alternatives to enhance liquidity and address the Company’s current capital structure. As formerly revealed, the Company has actively worked to manage its balance sheet, counting potential consummation of certain asset sales. With the addition of these advisors, the Company will continue to develop and explore all potential planned alternatives.
To preserve liquidity as the Company considers these planned alternatives, the Board of Directors of the Company has suspended the monthly dividends on its 10.25% Series C Cumulative Perpetual Preferred Stock, 8.0% Series D Cumulative Preferred Stock (“Series D Preferred Stock”) and 8.0% Series E Cumulative Convertible Preferred Stock (“Series E Preferred Stock”). This suspension commences with the monthly cash dividend that would otherwise have been declared and paid for the month ending October 31, 2015 and will continue indefinitely. The outstanding shares of Series E Preferred Stock are represented by depositary shares (the “Depositary Shares”), each representing a 1/1,000th interest of a share of Series E Preferred Stock. Under the terms of the Series C, Series D and Series E Preferred Stock, any unpaid dividends, counting the unpaid dividends for the month ending October 31, 2015 and any future unpaid dividends, will accumulate.
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.
Shares of Chevron Corporation (NYSE:CVX), declined -0.34% to $88.44, during its last trading session, as falling crude prices hurt oil stocks Tuesday.
Oil prices reversed their earlier gains after the International Energy Agency forecast that oil demand will slow down next year, as Iranian crude re-enters the market following the lifting of sanctions against the country.
The global supply glut that has caused oil prices to more than halve over the past year will continue into 2016, the agency added.
In the last trading session, the stock moved on low volume, trading at a volume of 8.01 M as compared to its average daily volume of 12.24 million shares.
The stock, as of recent close, has shown weekly upbeat performance of 1.60% which was maintained at 16.64% in 1-month period.
Chevron Corporation, through its auxiliaries, engages in the petroleum, chemicals, and power and energy operations worldwide. The company operates in two segments, Upstream and Downstream.
At the end of Tuesday’s trade, Shares of Boston Scientific Corporation (NYSE:BSX), declined -1.24% to $16.73.
Boston Scientific Corporation (BSX) declared that it has closed on an additional round of financing with MValve Technologies Ltd., a developer of a percutaneous mitral valve replacement system, designed to work with the Boston Scientific LOTUS™ Valve, creating a unique mitral regurgitation (MR) treatment solution. Boston Scientific has offered the company with funding since 2012 and has an exclusive option to acquire MValve.
MValve Technologies plans to utilize the new financing, in part, to fund a first-in-human clinical trial for the MValve docking system for transcatheter mitral valve replacement (TMVR) in patients with mitral regurgitation. The approach, in which the Boston Scientific Lotus Valve is deployed inside the MValve docking system, is designed to enable the treatment of mitral regurgitation in a broad range of patients, and to improve long-term clinical outcomes in this patient population. Both the dock and valve can be repositioned and recaptured, enabling precise valve placement and physician confidence proceeding to releasing.
Mitral regurgitation is the most common type of heart valve disorder and occurs when the mitral valve does not close properly, causing an abnormal reversal of blood to flow from the left ventricle into the left atrium.
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. The company operates in three segments: Cardiovascular, Rhythm Administration, and MedSurg.
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