ValuEngine lowered shares of Legacy Reserves (NASDAQ:LGCY) from a sell rating to a strong sell rating in a report published on Thursday.

Legacy Reserves (NASDAQ LGCY) remained flat at $$1.26 on Thursday. The company had a trading volume of 324,560 shares, compared to its average volume of 205,969. The company has a debt-to-equity ratio of -2.79, a quick ratio of 0.71 and a current ratio of 0.71. Legacy Reserves has a fifty-two week low of $1.08 and a fifty-two week high of $2.77.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. RR Advisors LLC raised its stake in shares of Legacy Reserves by 40.5% during the third quarter. RR Advisors LLC now owns 850,000 shares of the oil and gas producer’s stock worth $1,292,000 after buying an additional 245,000 shares during the last quarter. Valeo Financial Advisors LLC bought a new stake in Legacy Reserves in the third quarter valued at approximately $430,000. 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 valued at $101,000 after purchasing an additional 38,110 shares in the last quarter. 20.30% of the stock is owned by institutional investors and hedge funds.

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About Legacy Reserves

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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