Legacy Reserves (LGCY +1.4%) is upgraded to Buy at Global Hunter after the MLP reported Q3...


Legacy Reserves (LGCY +1.4%) is upgraded to Buy at Global Hunter after the MLP reported Q3 results and the units traded down 4%. Distribution coverage was 0.87x, but the firm says it included growth and maintenance capex; excluding growth spending, the firm thinks the ratio was significantly greater than one. LGCY also is poised to benefit as its Wolfberry wells are brought online.

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