Legacy Reserves LP (NASDAQ:LGCY) Receives Average Recommendation of “Hold” from Brokerages
Shares of Legacy Reserves LP (NASDAQ:LGCY) have earned a consensus recommendation of “Hold” from the nine ratings firms that are presently covering the firm. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $5.19.
Several research firms recently commented on LGCY. FBR & Co reiterated a “hold” rating and issued a $1.75 price objective on shares of Legacy Reserves in a research note on Monday, August 8th. Zacks Investment Research upgraded Legacy Reserves from a “hold” rating to a “buy” rating and set a $2.00 price objective on the stock in a research note on Wednesday, June 29th. Finally, Stifel Nicolaus downgraded Legacy Reserves from a “hold” rating to a “sell” rating in a research note on Monday.
Legacy Reserves (NASDAQ:LGCY) traded down 9.94% during midday trading on Monday, reaching $1.45. The company’s stock had a trading volume of 620,949 shares. The stock has a 50-day moving average price of $1.62 and a 200 day moving average price of $1.76. The company’s market cap is $105.00 million. Legacy Reserves has a 12 month low of $0.61 and a 12 month high of $6.12.
Legacy Reserves (NASDAQ:LGCY) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.48. The firm earned $73.40 million during the quarter, compared to analysts’ expectations of $78.32 million. During the same quarter in the previous year, the firm earned ($0.63) EPS. The firm’s revenue was down 16.4% on a year-over-year basis. Analysts expect that Legacy Reserves will post $0.18 earnings per share for the current fiscal year.
A number of large investors have recently modified their holdings of LGCY. KCG Holdings Inc. boosted 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 worth $299,000 after buying an additional 52,794 shares during the last quarter. Deere & Co. purchased a new position in Legacy Reserves during the second quarter valued at $287,000. Finally, Arrow Investment Advisors LLC boosted its position in 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.
About Legacy Reserves
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.
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