Legacy Reserves LPNASDAQ
Wed, Nov. 2, 4:03 PM
Tue, Nov. 1, 5:35 PM
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Wed, Oct. 26, 3:34 PM
- Legacy Reserves (LGCY +30.2%) is upgraded to Hold from Sell with a $1.75 price target, lifted from $0.50, at Stifel, which now believes the near-term risks associated with the fall re-determination have been removed.
- The upgrade follows yesterday's news that LGCY executed a second lien term loan credit agreement with GSO Capital Partners for up to $300M; the partnership will utilize $60M initially to pay down a portion of its credit facility.
- Notably and aside from the liquidity access, Stifel anticipates the deal marks a resumption to LGCY's ability to layer in commodity hedges.
Wed, Oct. 26, 2:05 PM
Wed, Oct. 26, 12:45 PM
Tue, Oct. 25, 4:38 PM
- Legacy Reserves (NASDAQ:LGCY) +13.9% AH after saying it executed a second lien term loan credit agreement with GSO Capital Partners to provide loans totaling as much as $300M.
- LGCY says it plans to use the initial $60M of gross loan proceeds to repay outstanding indebtedness and pay associated transaction expenses.
- LGCY also adds Dwight Scott, Blackstone Senior Managing Director and head of GSO's Energy business, to the board of LGCY general partner Legacy Reserves GP.
Wed, Oct. 19, 12:44 PM
Mon, Oct. 17, 2:01 PM
Mon, Sep. 19, 2:55 PM
- Legacy Resources (LGCY -12.8%) and Vanguard Natural Resources (VNR -6.8%) are downgraded to Sell from Hold with $0.50 price targets at Stifel following elevated concerns with liquidity and perceived credit facility risk.
- Stifel says LGCY has a runway to manage through the current environment but views the company starting to run short despite management's active stance YTD with monetizing non-core assets.
- On VNR, the firm says prospects would be more favorable if it were to receive outside funding to improve its balance sheet or anticipated liquidity strains, significant recovery in commodity prices, or a favorable fall redetermination.
Mon, Sep. 19, 2:21 PM
Wed, Aug. 3, 5:02 PM
Tue, Aug. 2, 5:35 PM
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Wed, Jul. 6, 12:29 PM
- Energy MLPs had one of the strongest quarters ever in Q2, with the Alerian MLP Infrastructure Index surging 18.1% in a major recovery since the losses seen early in the year, and the index is now up 8% YTD.
- DA Davidson’s Poe Fratt sees tempered MLP growth “on full display,” and remains positive on crude oil prices through 2017 despite recent weakness, believing that non-OPEC production finally is declining and lower capex has set the stage for better supply demand.
- Fratt’s best current ideas include Enterprise Products Partners (NYSE:EPD), Genesis Energy (NYSE:GEL), Magellan Midstream Partners (NYSE:MMP), and Spectra Energy Partners (NYSE:SEP), all of which he rates Buy.
- But Citi's Faisel Khan says investors should stay cautious given that the group faces tight liquidity and stretched balance sheets; he considers Legacy Reserves (NASDAQ:LGCY), Vanguard Natural Resources (NASDAQ:VNR) and EV Energy Partners (NASDAQ:EVEP) among the higher risk names, and that Atlas Resources Partners (NYSE:ARP) is "running out of options" and could be forced into bankruptcy.
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Wed, Jun. 22, 2:01 PM
Fri, May 27, 11:14 AM
- Midwest and Rocky Mountain pipeline operators have lowered the cost of transporting oil after Alberta’s wildfires decreased demand for pipeline capacity and left transporters competing over a dwindling supply, Bloomberg reports.
- This week, several companies reportedly moved to lower tariffs for selected routes in those regions, including Tallgrass Energy Partners (TEP -3.5%), Legacy Reserves (LGCY -2.6%), Suncor Energy (SU -0.2%) and Marathon Oil-owned (MRO -2.5%) Red Butte Pipe Line, starting July 1; TEP reduced rates by ~2% on its Pony Express line heading into Ponca City, Okla., while SU cut the same amount on its system in Wyoming.
- Pipeline rates also have fallen due to a decline in last year’s producer price index, which the FERC takes into account when reviewing transportation costs.
Fri, May 6, 9:11 AM