Legacy Reserves LP (LGCY) Rating Increased to Hold at Zacks Investment Research
Legacy Reserves LP (NASDAQ:LGCY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors 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 analysts have also recently weighed in on the company. Vetr raised Legacy Reserves from a “buy” rating to a “strong-buy” rating and set a $1.88 price objective for the company in a report on Tuesday, November 1st. Stifel Nicolaus cut Legacy Reserves from a “hold” rating to a “sell” rating in a report on Monday, September 19th. Finally, FBR & Co reissued a “hold” rating and set a $1.75 price objective on shares of Legacy Reserves in a report on Monday, August 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $3.28.
Shares of Legacy Reserves (NASDAQ:LGCY) opened at 1.73 on Wednesday. The stock has a 50 day moving average price of $0.00 and a 200-day moving average price of $0.00.
Legacy Reserves (NASDAQ:LGCY) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.13) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.09. The firm had revenue of $83.50 million for the quarter, compared to the consensus estimate of $99.04 million. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.38) earnings per share. Equities analysts anticipate that Legacy Reserves will post $0.17 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of LGCY. Deere & Co. acquired a new position in shares of Legacy Reserves during the second quarter valued at about $287,000. KCG Holdings Inc. raised 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 valued at $299,000 after buying an additional 52,794 shares in the last quarter. Morgan Stanley raised its position in shares of Legacy Reserves by 346.8% in the third quarter. Morgan Stanley now owns 435,041 shares of the company’s stock valued at $587,000 after buying an additional 337,663 shares in the last quarter. Finally, Arrow Investment Advisors LLC raised 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 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.
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