Seeking Alpha

Legacy Reserves +6% as Baird upgrades on "transformative" WPX deal

  • Legacy Reserves (LGCY +6.2%) is upgraded to Outperform from Neutral with a $30 price target at Baird following news of its strategic alliance with WPX Energy in which LGCY will acquire mature gas-producing assets in exchange for $355M in cash and newly created incentive distribution rights.
  • Baird models 20% accretion, but says the real value is in a long-term strategic partnership that is transformative to LGCY's acquisition strategy, and thus its distribution security and growth potential.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|