Market Overview

UPDATE: Citigroup Cuts PT to $31.50 on Legacy Reserves LP on Natural Gas Pricing Adjustment

Related LGCY
JPMorgan: More MLP Distribution Cuts Coming In 2016
Mid-Afternoon Market Update: Crude Oil Declines 6%; Bluebird Bio Shares Tumble
S&P downgrades junk ratings on 25 oil and gas producers (Seeking Alpha)

Citigroup maintained Legacy Reserves LP (NASDAQ: LGCY) at Buy but lowered the price target from $33.00 to $31.50.

Citigroup commented, "The change to our target price primarily reflects the downward adjustment to our assumption for natural gas prices. Our target price assumes applying a 9.0x trailing EV/EBITDA multiple to our adjusted EBITDA forecast of $279.9 million over the next 12 months (i.e. on a four quarter rolling basis 1Q13-4Q13)."

Legacy Reserves LP closed at $25.49 on Tuesday.

Latest Ratings for LGCY

Jan 2016FBR CapitalDowngradesOutperformMarket Perform
Dec 2015BarclaysMaintainsEqual-weight
Dec 2015Stifel NicolausDowngradesBuyHold

View More Analyst Ratings for LGCY
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Intraday Update Analyst Ratings


Related Articles (LGCY)

View Comments and Join the Discussion!

Get Benzinga's Newsletters