Stifel Nicolaus lowered shares of Legacy Reserves LP (NASDAQ:LGCY) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

Analyst Recommendations for Legacy Reserves (NASDAQ:LGCY)

Several other research analysts have also commented on LGCY. Zacks Investment Research raised Legacy Reserves from a hold rating to a buy rating and set a $2.00 price objective for the company in a report on Wednesday, June 29th. FBR & Co raised Legacy Reserves from an underperform rating to a market perform rating and cut their price objective for the stock from $2.00 to $1.75 in a report on Wednesday, July 6th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Legacy Reserves has a consensus rating of Hold and an average target price of $4.29.

Legacy Reserves (NASDAQ:LGCY) opened at 1.43 on Monday. The stock has a 50 day moving average of $1.60 and a 200-day moving average of $1.79. Legacy Reserves has a 12-month low of $0.61 and a 12-month high of $6.12. The company’s market cap is $103.55 million.

Legacy Reserves (NASDAQ:LGCY) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.81) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.48. The firm earned $73.40 million during the quarter, compared to the consensus estimate of $78.32 million. During the same period last year, the firm earned ($0.63) earnings per share. The company’s quarterly revenue was down 16.4% compared to the same quarter last year. On average, equities research analysts anticipate that Legacy Reserves will post $0.18 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in LGCY. Deere & Co. bought a new stake in shares of Legacy Reserves during the second quarter valued at $287,000. KCG Holdings Inc. increased its stake 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 during the last quarter. Finally, Arrow Investment Advisors LLC increased its stake 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 during 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.

5 Day Chart for NASDAQ:LGCY

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