Zacks Investment Research Downgrades Legacy Reserves LP (NASDAQ:LGCY) to Sell

Legacy Reserves LP (NASDAQ:LGCY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

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 analysts have also issued reports about the company. FBR & Co reiterated a “hold” rating on shares of Legacy Reserves in a research report on Tuesday, May 16th. Citigroup Inc. restated a “neutral” rating and set a $2.15 target price (down from $2.50) on shares of Legacy Reserves in a research report on Monday, May 15th. Stifel Nicolaus lowered Legacy Reserves from a “hold” rating to a “sell” rating and decreased their target price for the stock from $2.00 to $1.00 in a research report on Thursday, June 8th. Finally, ValuEngine lowered Legacy Reserves from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 20th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $1.96.

Shares of Legacy Reserves (NASDAQ:LGCY) opened at 1.25 on Tuesday. Legacy Reserves has a 1-year low of $1.13 and a 1-year high of $2.77.

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Institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP raised its position in Legacy Reserves by 38.8% in the fourth quarter. GSA Capital Partners LLP now owns 146,608 shares of the oil and gas producer’s stock valued at $311,000 after buying an additional 41,000 shares during the last quarter. Credit Suisse AG raised its position 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 valued at $4,580,000 after buying an additional 203,500 shares during the last quarter. Finally, FMR LLC raised its position in Legacy Reserves by 4.6% in the fourth quarter. FMR LLC now owns 10,881,742 shares of the oil and gas producer’s stock valued at $23,069,000 after buying an additional 475,125 shares during the last quarter. Institutional investors own 20.86% of the company’s stock.

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.

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