Zacks Investment Research lowered shares of Legacy Reserves LP (NASDAQ:LGCY) from a hold rating to a strong sell rating in a research note published 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. “

Several other equities research analysts also recently commented on LGCY. FBR & Co raised Legacy Reserves from an underperform rating to a market perform rating and dropped their target price for the stock from $2.00 to $1.75 in a report on Wednesday, July 6th. They noted that the move was a valuation call. Stifel Nicolaus downgraded Legacy Reserves from a hold rating to a sell rating in a report on Monday, September 19th. Four research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $4.55.

Analyst Recommendations for Legacy Reserves (NASDAQ:LGCY)

Shares of Legacy Reserves (NASDAQ:LGCY) opened at 1.35 on Wednesday. Legacy Reserves has a one year low of $0.61 and a one year high of $5.55. The company has a 50-day moving average price of $1.46 and a 200 day moving average price of $1.81. The stock’s market cap is $97.75 million.

Legacy Reserves (NASDAQ:LGCY) last issued its quarterly 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 company earned $73.40 million during the quarter, compared to the consensus estimate of $78.32 million. The firm’s revenue for the quarter was down 16.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.63) earnings per share. Equities research analysts expect that Legacy Reserves will post $0.17 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in LGCY. KCG Holdings Inc. boosted its stake in Legacy Reserves by 40.2% in the second quarter. KCG Holdings Inc. now owns 184,264 shares of the company’s stock valued at $299,000 after buying an additional 52,794 shares in the last quarter. Deere & Co. acquired a new stake in Legacy Reserves during the second quarter valued at about $287,000. Finally, Arrow Investment Advisors LLC boosted its stake in Legacy Reserves by 73.4% in the second quarter. Arrow Investment Advisors LLC now owns 661,930 shares of the company’s stock valued at $1,072,000 after buying an additional 280,269 shares in 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.

5 Day Chart for NASDAQ:LGCY

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