Zacks Investment Research Downgrades Legacy Reserves LP (LGCY) to Strong Sell
Legacy Reserves LP (NASDAQ:LGCY) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” 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. “
A number of other research firms also recently weighed in on LGCY. FBR & Co upgraded Legacy Reserves from an “underperform” rating to a “market perform” rating and decreased their price target for the company from $2.00 to $1.75 in a research note on Wednesday, July 6th. They noted that the move was a valuation call. Stifel Nicolaus downgraded Legacy Reserves from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. Four research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $4.55.
Shares of Legacy Reserves (NASDAQ:LGCY) opened at 1.39 on Wednesday. The firm has a 50-day moving average price of $1.47 and a 200 day moving average price of $1.81. Legacy Reserves has a 52-week low of $0.61 and a 52-week high of $5.39. The stock’s market cap is $100.65 million.
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 firm earned $73.40 million during the quarter, compared to analyst estimates of $78.32 million. The company’s revenue for the quarter was down 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.63) earnings per share. Analysts expect that Legacy Reserves will post $0.17 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the company. Arrow Investment Advisors LLC increased 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 worth $1,072,000 after buying an additional 280,269 shares during the last quarter. KCG Holdings Inc. increased 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 worth $299,000 after buying an additional 52,794 shares during the last quarter. Finally, Deere & Co. purchased a new stake in Legacy Reserves during the second quarter worth approximately $287,000.
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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