Legacy Reserves LP (LGCY) Short Interest Down 50.2% in September
Legacy Reserves LP (NASDAQ:LGCY) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 972,626 shares, a decrease of 50.2% from the September 15th total of 1,953,356 shares. Based on an average daily trading volume, of 395,003 shares, the days-to-cover ratio is currently 2.5 days. Approximately 1.6% of the shares of the stock are short sold.
Several research analysts have recently weighed in on the company. Zacks Investment Research downgraded Legacy Reserves from a “hold” rating to a “strong sell” rating in a research note on Wednesday. Stifel Nicolaus downgraded Legacy Reserves from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. Finally, FBR & Co reissued a “hold” rating and issued a $1.75 price objective on shares of Legacy Reserves in a research note on Monday, August 8th. Four research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $4.19.
Several hedge funds and other institutional investors have recently made changes to their positions in LGCY. Arrow Investment Advisors LLC increased its position in shares of 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 period. Deere & Co. bought a new position in shares of Legacy Reserves during the second quarter valued at $287,000. Finally, KCG Holdings Inc. increased its position in shares of 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 period.
Shares of Legacy Reserves (NASDAQ:LGCY) opened at 1.31 on Friday. The stock’s market capitalization is $94.86 million. Legacy Reserves has a one year low of $0.61 and a one year high of $5.20. The firm has a 50-day moving average price of $1.45 and a 200 day moving average price of $1.81.
Legacy Reserves (NASDAQ:LGCY) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.33) by $0.48. The business earned $73.40 million during the quarter, compared to the consensus estimate of $78.32 million. During the same quarter in the prior year, the business earned ($0.63) EPS. The company’s revenue was down 16.4% on a year-over-year basis. On average, equities analysts expect that Legacy Reserves will post $0.17 EPS for the current fiscal year.
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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