Oppenheimer & Co. Inc. Sells 51,766 Shares of Legacy Reserves LP (LGCY)
Oppenheimer & Co. Inc. lessened its stake in Legacy Reserves LP (NASDAQ:LGCY) by 35.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 95,025 shares of the oil and gas producer’s stock after selling 51,766 shares during the quarter. Oppenheimer & Co. Inc. owned 0.13% of Legacy Reserves worth $138,000 as of its most recent filing with the SEC.
Separately, Prescott Group Capital Management L.L.C. boosted its stake in shares of Legacy Reserves by 1.4% in the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 494,316 shares of the oil and gas producer’s stock valued at $722,000 after buying an additional 6,750 shares during the period. Institutional investors and hedge funds own 20.64% of the company’s stock.
Several equities analysts have recently issued reports on the company. Stifel Nicolaus reiterated a “sell” rating and issued a $1.00 price objective on shares of Legacy Reserves in a research note on Friday, July 14th. Zacks Investment Research cut Legacy Reserves from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Finally, ValuEngine cut Legacy Reserves from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $1.96.
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Legacy Reserves LP (NASDAQ LGCY) opened at 1.36 on Friday. Legacy Reserves LP has a 52 week low of $1.08 and a 52 week high of $2.77.
About Legacy Reserves
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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