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Fly News Breaks for October 4, 2016
VNR
Oct 4, 2016 | 14:03 EDT
As previously reported, Ladenburg analyst Michael Schmitz downgraded Vanguard Natural to Sell from Neutral after the company elected not to make a semi-annual interest payment due on October 3. Vanguard can still elect to make the interest payments due under its senior notes at any time during its grace period, but given the uncertainty surrounding its fall borrowing base redetermination Schmitz cut his rating and lowered his price target on the stock to 40c from $2.00 per share.
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