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Fly News Breaks for October 10, 2019
Oct 10, 2019 | 07:30 EDT
As previously reported, Seaport Global analyst Mike Kelly downgraded Rosehill 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 Rosehill specifically, he is concerned that the company does not have enough scale to support $340M of debt and $244M of preferred equity outstanding. While he calls the company's Northern Delaware acreage "great," he also said there is "just not a ton of it," while its Southern Delaware acreage is untested.
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