Oil and natural gas producer Magnum Hunter Resources Corp said it expected to raise $600 million-$700 million by selling its 45.53 percent stake in natural gas gathering subsidiary Eureka Hunter Holdings.Magnum Hunter's shares rose as much as 22 percent to $2.14 in morning trading on Thursday, after the company said a sale would help it restructure its balance sheet and shore up liquidity. (1.usa.gov/1LEbpvK) The company, which has been struggling to cope with weak prices for natural gas, had $13.7 million in cash and cash equivalents and total debt of $951 million as of March 31, according to Thomson Reuters data.By selling "what has always been framed as the prize asset, Eureka Hunter Pipeline", the company is left with an oil and gas business that does not "leave much of a value proposition", analysts at BMO capital Markets said.
Magnum Hunter Resources Corporation (Magnum Hunter), an independent oil and gas company, is engaged primarily in the exploration for and the exploitation, acquisition, development and production of natural gas and natural gas liquids (NGLs) resources in the United States. Shares of MHR traded higher by 13.14% or $0.23/share to $1.98. In the past year, the shares have traded as low as $1.19 and as high as $8.35. On average, 4730280 shares of MHR exchange hands on a given day and today's volume is recorded at 8559101.
Thomson Reuters Corporation is a provider of intelligent information for businesses and professionals. Shares of TRI traded higher by 0.54% or $0.21/share to $39.05. In the past year, the shares have traded as low as $34.88 and as high as $42.64. On average, 805931 shares of TRI exchange hands on a given day and today's volume is recorded at 270857.
Thomson Reuters Corporation is a provider of intelligent information for businesses and professionals. Shares of TRI traded higher by 0.12% or $0.06/share to $48.20. In the past year, the shares have traded as low as $38.30 and as high as $53.00. On average, 737512 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 336401.
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