Zacks Investment Research downgraded shares of Legacy Reserves LP (NASDAQ:LGCY) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday.
According to Zacks, “Legacy Reserves LP is an independent oil and natural gas limited partnership headquartered in Midland, Texas, and is focused on the acquisition and exploitation of oil and natural gas properties primarily located in the Permian Basin and Mid-continent regions. “
LGCY has been the subject of a number of other research reports. Stifel Nicolaus cut Legacy Reserves from a hold rating to a sell rating in a research report on Monday, September 19th. FBR & Co raised Legacy Reserves from an underperform rating to a market perform rating and lowered their price target for the stock from $2.00 to $1.75 in a research report on Wednesday, July 6th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $4.55.
Shares of Legacy Reserves (NASDAQ:LGCY) opened at 1.35 on Wednesday. Legacy Reserves has a 52-week low of $0.61 and a 52-week high of $5.55. The company’s 50 day moving average price is $1.46 and its 200 day moving average price is $1.81. The stock’s market cap is $97.75 million.
Legacy Reserves (NASDAQ:LGCY) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.81) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.48. The business earned $73.40 million during the quarter, compared to the consensus estimate of $78.32 million. During the same period in the prior year, the company posted ($0.63) earnings per share. The business’s revenue for the quarter was down 16.4% compared to the same quarter last year. On average, analysts anticipate that Legacy Reserves will post $0.17 earnings per share for the current year.
Several institutional investors have recently modified their holdings of the stock. Deere & Co. bought a new position in shares of Legacy Reserves during the second quarter valued at about $287,000. KCG Holdings Inc. raised its position in shares of Legacy Reserves by 40.2% in the second quarter. KCG Holdings Inc. now owns 184,264 shares of the company’s stock valued at $299,000 after buying an additional 52,794 shares in the last quarter. Finally, Arrow Investment Advisors LLC raised its position in shares of Legacy Reserves by 73.4% in the second quarter. Arrow Investment Advisors LLC now owns 661,930 shares of the company’s stock valued at $1,072,000 after buying an additional 280,269 shares in the last quarter.
Legacy Reserves Company Profile
Legacy Reserves LP (Legacy) is a master limited partnership company. The Company is focused on the acquisition and development of oil and natural gas properties located in the Permian Basin, Rocky Mountain and Mid-Continent regions of the United States. The Company has proved reserves of approximately 164.2 million barrels of crude oil equivalent (MMBoe), of which over 73% are natural gas, approximately 27% are oil and natural gas liquids (NGLs) and over 97% are classified as proved developed producing.