Energy Stocks Under $10 to Buy Now: Magnum Hunter Resources (MHR)
Investors in energy stocks looking for the next big thing in shale should focus their research on the “Land Down Under.” New reports have confirmed that Australia could be the hottest place for unconventional shale gas drilling and fracking.
Plus, you can play that trend without leaving the world of cheap stocks. Magnum Hunter Resources (MHR) is at the forefront of the movement in Australia … and MHR stock can be had for around $8.
While it does have assets in the prolific Marcellus and Utica shales, MHR has chosen Australia as its next big focus. Magnum Hunter Resources recently purchased an equity stake in Perth-based New Standard Energy (NWSTF). That investment will help New Standard in the fracking technology department, while providing MHR access to Australia’s gas-rich Cooper Basin.
Already, analysts predict that Magnum Hunter Resources will grow its earnings by roughly 70% this year as its domestic shale acreage takes off. Any additional boost from its new Australian holdings will only sweeten the pot, making MHR one of the top energy stocks under $10.