Legacy Reserves (LGCY) Shares Down 8%
Legacy Reserves Inc (NASDAQ:LGCY)’s share price fell 8% on Tuesday . The company traded as low as $0.45 and last traded at $0.46. 1,291,880 shares traded hands during mid-day trading, a decline of 4% from the average session volume of 1,348,085 shares. The stock had previously closed at $0.50.
LGCY has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Legacy Reserves from a “hold” rating to a “strong sell” rating in a report on Friday, March 22nd. TheStreet upgraded shares of Legacy Reserves from a “d+” rating to a “c” rating in a report on Tuesday, March 19th. Finally, ValuEngine upgraded shares of Legacy Reserves from a “sell” rating to a “hold” rating in a report on Thursday, March 14th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold”.
The firm has a market capitalization of $53.17 million, a PE ratio of 2.70 and a beta of 1.61.
In other news, major shareholder Baines Creek Capital, Llc purchased 175,000 shares of the firm’s stock in a transaction on Wednesday, February 13th. The stock was bought at an average cost of $1.50 per share, for a total transaction of $262,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 1,524,651 shares of company stock valued at $1,358,198 over the last 90 days. Corporate insiders own 40.60% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Caz Investments LP acquired a new position in Legacy Reserves in the fourth quarter worth about $31,000. Two Sigma Advisers LP acquired a new stake in shares of Legacy Reserves during the fourth quarter worth approximately $43,000. Barclays PLC increased its holdings in shares of Legacy Reserves by 1,697.5% during the fourth quarter. Barclays PLC now owns 35,897 shares of the oil and gas producer’s stock worth $55,000 after buying an additional 33,900 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Legacy Reserves during the fourth quarter worth approximately $60,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Legacy Reserves during the third quarter worth approximately $210,000. Institutional investors own 39.97% of the company’s stock.
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About Legacy Reserves (NASDAQ:LGCY)
Legacy Reserves Inc, an independent energy company, engages in the acquisition, development, and production of oil and natural gas properties in the United States. Its operations focus on the horizontal development of unconventional plays in the Permian Basin and the management of shallow-decline oil and natural gas wells in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions.
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