UPDATE: Stifel Downgrades Memorial Production Partners (MEMP) to Sell
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(Updated - October 31, 2016 8:40 AM EDT)
Stifel downgraded Memorial Production Partners (NASDAQ: MEMP) from Hold to Sell with a price target of $0.50. The change follows news the company is exploring strategic alternatives in capital structure.
"After the market close on October 28th, the partnership announced the results of its fall redetermination, suspension of distribution, and the retention of firm to explore strategic alternatives in its capital structure. As a result of the redetermination the partnership will have approximately $6 million in available liquidity. In light of the recent developments, we are downgrading units to Sell from Hold as we anticipate strategic capital structure alternatives may further erode future value for equity holders," said analyst Brian J. Brungardt, Jr.
Shares of Memorial Production Partners closed at $1.09 yesterday.
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