MLV Maintains Buy On Shares Of Legacy Reserves, $28 PT

MLV analyst Adam Fackler maintained a Buy rating on Legacy Reserves (NASDAQ:LGCY) with a price target of $28.00, which represents a potential upside of 31 from where the stock is currently trading.

Fackler said, “LGCY reported adjusted Q3’14 EPU of $0.07, coming in below our $0.17 estimate and the $0.16 consensus. Distributable cash flow of $36.2 million came in 11% below our Q3 forecast. The negative results were driven by lower-than-expected crude realizations and production, partially offset by lower-than-expected G&A and DD&A. Q3’14 production of 32.1 MBoe/d topped our 31.1 MBoe/d forecast and the 30.3 MBoe/d consensus on higher-than-expected natural gas and NGL.”


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