Legacy Reserves LP (NASDAQ:LGCY) has been assigned a consensus recommendation of “Hold” from the six analysts that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $1.68.
A number of equities analysts have recently issued reports on the stock. ValuEngine downgraded shares of Legacy Reserves from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Zacks Investment Research upgraded shares of Legacy Reserves from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. Stifel Nicolaus restated a “sell” rating and set a $1.00 target price on shares of Legacy Reserves in a report on Friday, July 14th. FBR & Co restated a “hold” rating on shares of Legacy Reserves in a report on Tuesday, May 16th. Finally, Citigroup Inc. restated a “neutral” rating and set a $2.15 target price (down from $2.50) on shares of Legacy Reserves in a report on Monday, May 15th.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Prescott Group Capital Management L.L.C. boosted its position in shares of 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 acquiring an additional 6,750 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of 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 acquiring an additional 38,110 shares during the last quarter. Finally, Credit Suisse AG boosted its position in shares of 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 acquiring an additional 203,500 shares during the last quarter. 20.65% of the stock is currently owned by institutional investors and hedge funds.
Legacy Reserves (LGCY) traded down 2.500% during mid-day trading on Tuesday, hitting $1.209. 93,444 shares of the stock were exchanged. The company has a 50-day moving average price of $1.27 and a 200-day moving average price of $1.74. The company’s market cap is $88.11 million. Legacy Reserves has a one year low of $1.08 and a one year high of $2.77.
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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