ValuEngine downgraded shares of Legacy Reserves LP (NASDAQ:LGCY) from a sell rating to a strong sell rating in a research report sent to investors on Friday morning.

Other analysts also recently issued reports about the company. Zacks Investment Research upgraded Legacy Reserves from a sell rating to a hold rating in a research note on Wednesday, August 9th. Citigroup Inc. restated a neutral rating and issued a $2.15 price target (down from $2.50) on shares of Legacy Reserves in a research note on Monday, May 15th. Stifel Nicolaus restated a sell rating and issued a $1.00 price target on shares of Legacy Reserves in a research note on Friday, July 14th. Finally, FBR & Co restated a hold rating on shares of Legacy Reserves in a research note on Tuesday, May 16th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and an average target price of $1.96.

Shares of Legacy Reserves (NASDAQ LGCY) traded down 0.81% on Friday, hitting $1.22. The stock had a trading volume of 106,618 shares. Legacy Reserves has a 12 month low of $1.08 and a 12 month high of $2.77. The stock’s market cap is $88.91 million. The firm has a 50 day moving average of $1.27 and a 200 day moving average of $1.77.

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Hedge funds have recently bought and sold shares of the company. Prescott Group Capital Management L.L.C. increased its stake in Legacy Reserves by 1.4% in the second quarter. Prescott Group Capital Management L.L.C. now owns 494,316 shares of the oil and gas producer’s stock worth $722,000 after buying an additional 6,750 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in 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 worth $101,000 after buying an additional 38,110 shares during the last quarter. Finally, Credit Suisse AG increased its stake in Legacy Reserves by 11.3% in the first quarter. Credit Suisse AG now owns 2,000,055 shares of the oil and gas producer’s stock worth $4,580,000 after buying an additional 203,500 shares during the last quarter. Institutional investors own 20.65% of the company’s stock.

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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