Research analysts at Seaport Global Securities started coverage on shares of Legacy Reserves LP Unit (NASDAQ:LGCY) in a research report issued on Wednesday, Marketbeat Ratings reports. The firm set a “neutral” rating on the oil and gas producer’s stock. Seaport Global Securities also issued estimates for Legacy Reserves LP Unit’s Q3 2018 earnings at $0.31 EPS, Q4 2018 earnings at $0.25 EPS, FY2018 earnings at $0.65 EPS, Q1 2019 earnings at $0.16 EPS, Q2 2019 earnings at $0.17 EPS, Q3 2019 earnings at $0.22 EPS, Q4 2019 earnings at $0.27 EPS, FY2019 earnings at $0.81 EPS, Q1 2020 earnings at $0.25 EPS, Q2 2020 earnings at $0.22 EPS and FY2020 earnings at $0.89 EPS.

Several other analysts have also commented on LGCY. BidaskClub lowered Legacy Reserves LP Unit from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 24th. ValuEngine lowered Legacy Reserves LP Unit from a “buy” rating to a “hold” rating in a report on Monday, July 2nd.

Shares of LGCY stock opened at $5.20 on Wednesday. Legacy Reserves LP Unit has a 1-year low of $1.07 and a 1-year high of $10.54. The stock has a market cap of $407.72 million, a P/E ratio of -10.40 and a beta of 1.78. The company has a debt-to-equity ratio of -1.63, a quick ratio of 0.17 and a current ratio of 0.17.

Legacy Reserves LP Unit (NASDAQ:LGCY) last announced its quarterly earnings results on Wednesday, August 1st. The oil and gas producer reported ($0.16) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.17). The company had revenue of $139.28 million for the quarter. Legacy Reserves LP Unit had a negative net margin of 8.74% and a negative return on equity of 1.87%. equities analysts anticipate that Legacy Reserves LP Unit will post 0.65 earnings per share for the current fiscal year.

In other Legacy Reserves LP Unit news, major shareholder Baines Creek Capital, Llc acquired 10,650 shares of the company’s stock in a transaction on Monday, September 10th. The shares were bought at an average cost of $5.42 per share, with a total value of $57,723.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders acquired 633,010 shares of company stock worth $3,208,014. 40.60% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of the company. Raymond James & Associates boosted its stake in shares of Legacy Reserves LP Unit by 33.1% in the second quarter. Raymond James & Associates now owns 103,886 shares of the oil and gas producer’s stock worth $717,000 after acquiring an additional 25,826 shares during the last quarter. AMP Capital Investors Ltd acquired a new stake in shares of Legacy Reserves LP Unit in the second quarter worth approximately $316,000. Citigroup Inc. boosted its stake in shares of Legacy Reserves LP Unit by 1,701.5% in the first quarter. Citigroup Inc. now owns 77,823 shares of the oil and gas producer’s stock worth $366,000 after acquiring an additional 73,503 shares during the last quarter. Cavalier Investments LLC acquired a new stake in shares of Legacy Reserves LP Unit in the second quarter worth approximately $551,000. Finally, Navellier & Associates Inc acquired a new stake in shares of Legacy Reserves LP Unit in the second quarter worth approximately $653,000. 21.28% of the stock is currently owned by hedge funds and other institutional investors.

Legacy Reserves LP Unit Company Profile

Legacy Reserves LP acquires and develops oil and natural gas properties primarily in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions of the United States. As of December 31, 2017, the company owned interests in producing oil and natural gas properties in 606 fields comprising 10,492 gross productive wells, including 3,497 operated and 6,995 non-operated wells located in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma, and other states.

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