Shares of Legacy Reserves LP (NASDAQ:LGCY) traded up 0% during trading on Monday following insider buying activity. The company traded as high as $3.31 and last traded at $3.30. 841,800 shares changed hands during mid-day trading, an increase of 63% from the average session volume of 517,958 shares. The stock had previously closed at $3.30.
Specifically, major shareholder Baines Creek Capital, Llc bought 92,976 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was purchased at an average price of $1.73 per share, with a total value of $160,848.48. Following the transaction, the insider now owns 7,914,130 shares of the company’s stock, valued at $13,691,444.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders bought a total of 2,723,022 shares of company stock valued at $6,300,927 in the last three months. Corporate insiders own 26.70% of the company’s stock.
Separately, ValuEngine raised Legacy Reserves from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $1.88.
Hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in Legacy Reserves during the 4th quarter valued at approximately $110,000. Raymond James Financial Services Advisors Inc. increased its position in Legacy Reserves by 123.6% during the 2nd 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 buying an additional 38,110 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in Legacy Reserves during the 3rd quarter valued at approximately $430,000. Finally, RR Advisors LLC increased its position in Legacy Reserves by 40.5% during the 3rd quarter. RR Advisors LLC now owns 850,000 shares of the oil and gas producer’s stock valued at $1,292,000 after buying an additional 245,000 shares in the last quarter. 16.54% of the stock is owned by institutional investors.
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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