Legacy Reserves upgraded to Neutral from Underweight at JPMorgan JPMorgan upgraded Legacy Reserves (LGCY) to Neutral citing the company's Piceance acquisition and strategic alignment with WPX Energy (WPX). The firm raised its price target for shares to $29 from $25.
Legacy Reserves downgraded to Neutral from Buy at UBS UBS downgraded Legacy Reserve (LGCY) to Neutral after after stress testing upstream MLPs to reflect scenarios in which oil remains depressed and recovery is limited. The firm expects MLPs that are better capitalized, well hedged and less levered to crude oil to outperform. It lowered its price target for shares to $5.50 from $14. UBS coupled the downgrade with an upgrade of Mid-Con Energy (MCEP) to Buy. Other Buy-rated upstream MLPs at the firm are Vanguard Natural (VNR), Memorial Production (MEMP) and Eagle Rock Energy (EROC). Sell-rated names are LINN Energy (LINE) and LinnCo (LNCO).
EnerCom to hold a conference The Oil & Gas Conference is being held in Denver, Colorado on August 16-20 with webcasted company presentations to begin on August 18 at 10:00 am; not all company presentations may be webcasted. Webcast Link