Shares of Legacy Reserves LP (NASDAQ:LGCY) have earned an average rating of “Hold” from the six research firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $1.68.

Several analysts recently weighed in on the company. ValuEngine lowered Legacy Reserves from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Zacks Investment Research upgraded Legacy Reserves from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. Stifel Nicolaus reiterated a “sell” rating and issued a $1.00 target price on shares of Legacy Reserves in a research note on Friday, July 14th. FBR & Co reiterated a “hold” rating on shares of Legacy Reserves in a research note on Tuesday, May 16th. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $2.15 target price (down previously from $2.50) on shares of Legacy Reserves in a research note on Monday, May 15th.

A number of hedge funds have recently added to or reduced their stakes in LGCY. Credit Suisse AG increased its stake in Legacy Reserves by 11.3% in the first quarter. Credit Suisse AG now owns 2,000,055 shares of the oil and gas producer’s stock worth $4,580,000 after purchasing an additional 203,500 shares during the period. Prescott Group Capital Management L.L.C. increased its stake in Legacy Reserves by 1.4% in the second quarter. Prescott Group Capital Management L.L.C. now owns 494,316 shares of the oil and gas producer’s stock worth $722,000 after purchasing an additional 6,750 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Legacy Reserves by 123.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 68,952 shares of the oil and gas producer’s stock worth $101,000 after purchasing an additional 38,110 shares during the period. Institutional investors and hedge funds own 20.65% of the company’s stock.

Shares of Legacy Reserves (NASDAQ LGCY) traded down 4.5645% on Tuesday, hitting $1.1834. 33,533 shares of the company traded hands. Legacy Reserves has a 1-year low of $1.08 and a 1-year high of $2.77. The stock’s market capitalization is $86.25 million. The firm’s 50 day moving average price is $1.27 and its 200-day moving average price is $1.75.

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Legacy Reserves Company Profile

Legacy Reserves LP (Legacy) is a master limited partnership company. The Company focuses on the acquisition and development of oil and natural gas properties located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. As of December 31, 2016, the Company had proved reserves of approximately 144.8 million barrels of crude oil equivalent (MMBoe), of which 72% were natural gas, 28% were oil and natural gas liquids (NGLs) and 94% were classified as proved developed producing.

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