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Fly News Breaks for October 10, 2019
LONE
Oct 10, 2019 | 07:27 EDT
As previously reported, Seaport Global analyst Mike Kelly downgraded Lonestar Resources 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 Lonestar specifically, he is concerned about high debt levels and a lack of meaningful free cash flow if oil trades at $50 per barrel, stating that its "model is stretched" if more conservative commodity prices are assumed.
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