NEW YORK (TheStreet) -- Shares of Halcon Resources Corp. (HK) are falling by 8.31% to $2.98 in mid-morning trading on Tuesday, as the stock continues a slump it began in after-hours trading on Monday following its 2014 third quarter earnings results which fell short of analysts' expectations.
The independent energy company said its adjusted net income for the latest quarter was $10.9 million, or 3 cents per diluted share.
Analysts polled by Thomson Reuters were expecting 5 cents per share for the 2014 third quarter.
Halcon posted a 16% increase in revenue to $306.5 million for the quarter, while analysts were expecting $317.69 million in revenue.
Halcon issued a preliminary outlook for fiscal 2015 saying that due to lower oil prices the company will operate six rigs in 2015, five less than it previously planned.
Separately, TheStreet Ratings team rates HALCON RESOURCES CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALCON RESOURCES CORP (HK) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."
You can view the full analysis from the report here: HK Ratings Report