Legacy Reserves LP (NASDAQ:LGCY) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.
According to Zacks, “Legacy Reserves LP is an independent oil and natural gas limited partnership headquartered in Midland, Texas, and is focused on the acquisition and exploitation of oil and natural gas properties primarily located in the Permian Basin and Mid-continent regions. “
Other equities analysts have also issued reports about the company. Stifel Nicolaus lowered Legacy Reserves from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. FBR & Co upgraded Legacy Reserves from an “underperform” rating to a “market perform” rating and dropped their price objective for the stock from $2.00 to $1.75 in a research note on Wednesday, July 6th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Legacy Reserves currently has an average rating of “Hold” and an average target price of $4.55.
Shares of Legacy Reserves (NASDAQ:LGCY) opened at 1.33 on Wednesday. The stock has a 50 day moving average price of $1.46 and a 200 day moving average price of $1.81. Legacy Reserves has a 12 month low of $0.61 and a 12 month high of $5.55. The stock’s market capitalization is $96.31 million.
Legacy Reserves (NASDAQ:LGCY) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.81) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.48. The business earned $73.40 million during the quarter, compared to the consensus estimate of $78.32 million. During the same quarter in the prior year, the business posted ($0.63) EPS. Legacy Reserves’s quarterly revenue was down 16.4% on a year-over-year basis. On average, analysts anticipate that Legacy Reserves will post $0.17 EPS for the current fiscal year.
Several large investors have recently modified their holdings of LGCY. Deere & Co. purchased a new stake in shares of Legacy Reserves during the second quarter worth about $287,000. 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. Finally, Arrow Investment Advisors LLC boosted its stake in shares of Legacy Reserves by 73.4% in the second quarter. Arrow Investment Advisors LLC now owns 661,930 shares of the company’s stock worth $1,072,000 after buying an additional 280,269 shares during the last quarter.
Legacy Reserves Company Profile
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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