UPDATE: Stifel Downgrades Memorial Production Partners (MEMP) to Sell
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
(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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Downgrades Kroger (KR) to Hold
- BTIG Cuts PT on Workday (WDAY) to $88 Following Q3 Results; Affirms at 'Buy'
- FBR Capital Cuts Price Target on Express (EXPR) Following 3Q EPS Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!