UPDATE: Stifel Downgrades Legacy Reserves (LGCY) to Sell
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(Updated - September 19, 2016 9:08 AM EDT)
Stifel downgraded Legacy Reserves (NASDAQ: LGCY) from Hold to Sell with a price target of $0.50. Analyst Brian J. Brungardt, Jr. expressed concerns about the fall redetermination, as banks may take a tougher approach to the partnership’s credit facility and, in turn, the partnership’s liquidity may be challenged.
"... we anticipate the upcoming semi-annual fall credit facility redetermination process will be challenging for the traditional upstream MLP space at large. We view the partnership at risk of an elevated credit facility haircut given the limited hedges in place and lack of capex drilling replacing reserves from production. In turn, we are downgrading units to Sell from Hold as we anticipate the partnership may see its liquidity profile squeezed," said Brungardt.
Shares of Legacy Reserves closed at $1.61 yesterday.
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