Legacy Reserves LP (LGCY) Short Interest Down 50.2% in September
Legacy Reserves LP (NASDAQ:LGCY) saw a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 972,626 shares, a decrease of 50.2% from the September 15th total of 1,953,356 shares. Based on an average trading volume of 395,003 shares, the short-interest ratio is currently 2.5 days. Currently, 1.6% of the shares of the stock are short sold.
Several research firms have recently issued reports on LGCY. Zacks Investment Research upgraded shares of Legacy Reserves from a “hold” rating to a “buy” rating and set a $2.00 price target for the company in a report on Wednesday, June 29th. FBR & Co upgraded shares of Legacy Reserves from an “underperform” rating to a “market perform” rating and reduced their price target 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. Finally, Stifel Nicolaus cut shares of Legacy Reserves from a “hold” rating to a “sell” rating in a report on Monday, September 19th. Four investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $4.19.
Large investors have recently modified their holdings of the stock. KCG Holdings Inc. increased its position 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. Deere & Co. bought a new position in shares of Legacy Reserves during the second quarter worth about $287,000. Finally, Arrow Investment Advisors LLC increased its position 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.
Shares of Legacy Reserves (NASDAQ:LGCY) opened at 1.31 on Friday. The stock has a 50 day moving average of $1.45 and a 200 day moving average of $1.81. The company’s market cap is $94.86 million. Legacy Reserves has a 52-week low of $0.61 and a 52-week high of $5.20.
Legacy Reserves (NASDAQ:LGCY) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.81) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.48. The business had revenue of $73.40 million for the quarter, compared to analyst estimates of $78.32 million. The business’s quarterly revenue was down 16.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.63) EPS. On average, equities research analysts expect that Legacy Reserves will post $0.17 EPS for the current year.
About Legacy Reserves
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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