An issue of Legacy Reserves Inc (NASDAQ:LGCY) debt fell 4% against its face value during trading on Thursday. The high-yield issue of debt has a 8% coupon and will mature on December 1, 2020. The bonds in the issue are now trading at $22.50. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.

A number of brokerages have recently weighed in on LGCY. TheStreet upgraded Legacy Reserves from a “d+” rating to a “c” rating in a research note on Tuesday. ValuEngine upgraded Legacy Reserves from a “sell” rating to a “hold” rating in a research report on Thursday, March 14th. Finally, Zacks Investment Research lowered Legacy Reserves from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 21st. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold”.

LGCY stock traded down $0.01 during midday trading on Thursday, reaching $0.54. The stock had a trading volume of 3,941,300 shares, compared to its average volume of 1,342,998. The firm has a market cap of $62.83 million, a price-to-earnings ratio of 3.00 and a beta of 1.71. Legacy Reserves Inc has a twelve month low of $0.38 and a twelve month high of $10.54.

In other news, major shareholder Baines Creek Capital, Llc acquired 71,137 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was purchased at an average cost of $1.25 per share, for a total transaction of $88,921.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders purchased 1,742,923 shares of company stock valued at $1,876,918. Corporate insiders own 40.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in LGCY. Caz Investments LP acquired a new stake in Legacy Reserves in the fourth quarter worth about $31,000. Two Sigma Advisers LP bought a new position in Legacy Reserves during the fourth quarter worth about $43,000. Barclays PLC boosted its holdings in Legacy Reserves by 1,697.5% during the fourth quarter. Barclays PLC now owns 35,897 shares of the oil and gas producer’s stock worth $55,000 after buying an additional 33,900 shares during the last quarter. Virtu Financial LLC bought a new position in Legacy Reserves during the fourth quarter worth about $60,000. Finally, VisionPoint Advisory Group LLC bought a new position in Legacy Reserves during the fourth quarter worth about $102,000. Hedge funds and other institutional investors own 43.11% of the company’s stock.

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About Legacy Reserves (NASDAQ:LGCY)

Legacy Reserves Inc, an independent energy company, engages in the acquisition, development, and production of oil and natural gas properties in the United States. Its operations focus on the horizontal development of unconventional plays in the Permian Basin and the management of shallow-decline oil and natural gas wells in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions.

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