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Fly News Breaks for October 10, 2019
AXAS
Oct 10, 2019 | 07:32 EDT
As previously reported, Seaport Global analyst Mike Kelly downgraded Abraxas Petroleum to Neutral from Buy. The rating change was among 13 downgrades made in the E&P sector by Kelly, who contends that "the 2020 oil macro set up is a mess." On Abraxas specifically, he said that if oil stays at $50 he sees the company facing liquidity concerns as it nears capacity on its borrowing base. He also believes a production decline in 2020 will be a concern.
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