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UPDATE: Global Hunter Securities Upgrades Legacy Reserves to Buy on Price Weakness

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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

DateFirmActionFromTo
Jun 2017Stifel NicolausDowngradesHoldSell
Oct 2016Stifel NicolausUpgradesSellHold
Sep 2016CitigroupMaintainsNeutral

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Posted-In: Global Hunter SecuritiesAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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