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Enter Symbol:
Rating: LGCY
Mkt Perform

Legacy Reserves Lp (NASDAQ: LGCY) downgraded to Mkt Perform by FBR Capital

Wednesday,  Jan 27, 2016  9:25 AM ET by Dave Ficere

FBR Capital downgraded Legacy Reserves Lp (NASDAQ: LGCY) to Mkt Perform.
Previously FBR Capital rated Outperform with price target $6 Legacy Reserves Lp (NASDAQ: LGCY) on 11/18/2015, when the stock price was $3.75.

Legacy Reserves LP (Legacy) is an independent oil and natural gas company focused on the acquisition and exploitation of oil and natural gas properties primarily located in the Permian Basin and Mid-continent regions of the United States. The Company has two activities: the acquisition of producing oil and natural gas properties, and the development of producing properties. As of December 31, 2008, the Company had proved reserves of approximately 30.8 million barrels of oil equivalent (MMBoe), of which 68% were oil and natural gas liquids and 89% were classified as proved developed producing, 2% were proved developed non-producing, and 9% were proved undeveloped. On October 1, 2008, the Company completed the acquisition of 100% membership interests of Pantwist, LLC from Cano Petroleum, Inc.

FBR Capital uses a highly disciplined analysis focused on intrinsic value, which we developed to critically examine the capital structure of the companies we cover, as well as their competitive positions and the growth opportunities within their industries. We apply this discipline – which helps us assess how effectively a company’s managers deploy the capital entrusted to them – not only in our published research but also when making investing and underwriting judgments.



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