UPDATE: Global Hunter Securities Upgrades Legacy Reserves to Buy on Price Weakness
Global Hunter Securities raised its rating on Legacy Reserves (NASDAQ: LGCY) from Accumulate to Buy.
Global Hunter Securities noted, "We are upgrading our rating on LGCY to Buy from Accumulate and keeping our $31 price target unchanged after the MLP reported its Q3:12 results and the units traded down 4%. We feel the price decline was overdone and want to take advantage of the weakness. … [W]e believe that LGCY is poised to benefit from its growth spending going forward, as the wells drilled in the Wolfberry are brought online. As a display of confidence, LGCY raised its distribution 1% sequentially; we forecast continued distribution growth and believe that Q3 was a non-event."
Legacy Reserves closed at $27.19 on Wednesday.
Latest Ratings for LGCY
|Oct 2016||Stifel Nicolaus||Upgrades||Sell||Hold|
|Sep 2016||Stifel Nicolaus||Downgrades||Hold||Sell|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.