Legacy Reserves LP (NASDAQ:LGCY) was downgraded by stock analysts at Stifel Nicolaus from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

Several other research analysts also recently weighed in on the stock. FBR & Co restated a “hold” rating and set a $1.75 price objective on shares of Legacy Reserves in a report on Monday, August 8th. Zacks Investment Research upgraded shares of Legacy Reserves from a “hold” rating to a “buy” rating and set a $2.00 price objective on the stock in a report on Wednesday, June 29th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Legacy Reserves currently has a consensus rating of “Hold” and a consensus price target of $4.29.

Analyst Recommendations for Legacy Reserves (NASDAQ:LGCY)

Legacy Reserves (NASDAQ:LGCY) opened at 1.40 on Monday. Legacy Reserves has a one year low of $0.61 and a one year high of $6.12. The firm’s market capitalization is $101.38 million. The company has a 50-day moving average of $1.60 and a 200 day moving average of $1.79.

Legacy Reserves (NASDAQ:LGCY) last released its earnings results on Wednesday, August 3rd. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.48. The company had revenue of $73.40 million for the quarter, compared to the consensus estimate of $78.32 million. During the same quarter in the previous year, the firm earned ($0.63) EPS. The firm’s revenue for the quarter was down 16.4% compared to the same quarter last year. On average, analysts anticipate that Legacy Reserves will post $0.18 EPS for the current year.

Hedge funds have recently bought and sold shares of the company. Deere & Co. purchased a new stake in Legacy Reserves during the second quarter valued at about $287,000. KCG Holdings Inc. raised its stake in 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 during the last quarter. Finally, Arrow Investment Advisors LLC raised its stake in 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 during the last quarter.

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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