Legacy Reserves (NASDAQ:LGCY) was upgraded by BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Tuesday.
Separately, ValuEngine cut Legacy Reserves from a “sell” rating to a “strong sell” rating in a research report on Saturday, February 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $1.88.
Legacy Reserves (LGCY) opened at $3.57 on Tuesday. The company has a debt-to-equity ratio of -2.79, a current ratio of 0.71 and a quick ratio of 0.71. Legacy Reserves has a 1 year low of $1.07 and a 1 year high of $3.63. The firm has a market capitalization of $260.09, a price-to-earnings ratio of -3.57 and a beta of 2.85.
Several institutional investors and hedge funds have recently modified their holdings of the business. RR Advisors LLC raised its stake in shares of Legacy Reserves by 40.5% in the third 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 during the period. Valeo Financial Advisors LLC bought a new stake in shares of Legacy Reserves in the third quarter valued at $430,000. Raymond James Financial Services Advisors Inc. raised its stake in shares of Legacy Reserves by 123.6% in the second 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 during the period. Finally, Virtu Financial LLC bought a new stake in shares of Legacy Reserves in the fourth quarter valued at $110,000. Hedge funds and other institutional investors own 16.54% of the company’s stock.
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Legacy Reserves Company Profile
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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