Legacy Reserves boosts distribution .5c to 59c per unit Legacy Reserves announced that the board of its general partner has approved a cash distribution attributable to Q4 of 59c per unit, payable on February 14, to unitholders of record at the close of business on February 3. This quarterly distribution is a .5c increase from the prior quarter and represents an annualized distribution of $2.36 per unit
Legacy Reserves downgraded to Neutral from Outperform at RW Baird Baird slashed upstream MLP estimates across the board given the collapse in crude oil prices. The firm believes upstream MLPs will be forced to cut distributions based on when debt covenants are tripped if oil prices do not rally. Baird expects the new oil paradigm to last for the foreseeable future and downgraded Legacy Reserves to Neutral and lowered its price target to $9 from $25.