Legacy Reserves LP (NASDAQ:LGCY) has received an average recommendation of “Hold” from the six brokerages that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $1.68.
Several analysts recently issued reports on the company. Zacks Investment Research lowered Legacy Reserves from a “hold” rating to a “sell” rating in a report on Monday, May 1st. FBR & Co reiterated a “hold” rating on shares of Legacy Reserves in a report on Tuesday, May 16th. Citigroup Inc. reiterated a “neutral” rating and set a $2.15 price objective (down from $2.50) on shares of Legacy Reserves in a report on Monday, May 15th. Stifel Nicolaus lowered Legacy Reserves from a “hold” rating to a “sell” rating and cut their price objective for the stock from $2.00 to $1.00 in a report on Thursday, June 8th. Finally, ValuEngine downgraded shares of Legacy Reserves from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 20th.
A number of institutional investors have recently bought and sold shares of the company. Prescott Group Capital Management L.L.C. increased its position in 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 valued at $722,000 after buying an additional 6,750 shares during the last quarter. GSA Capital Partners LLP increased its position in Legacy Reserves by 38.8% in the fourth quarter. GSA Capital Partners LLP now owns 146,608 shares of the oil and gas producer’s stock valued at $311,000 after buying an additional 41,000 shares during the last quarter. Credit Suisse AG increased its position in 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 valued at $4,580,000 after buying an additional 203,500 shares during the last quarter. Finally, FMR LLC increased its position in Legacy Reserves by 4.6% in the fourth quarter. FMR LLC now owns 10,881,742 shares of the oil and gas producer’s stock valued at $23,069,000 after buying an additional 475,125 shares during the last quarter. 20.86% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Legacy Reserves (LGCY) traded up 1.63% during midday trading on Monday, hitting $1.25. The stock had a trading volume of 64,879 shares. Legacy Reserves has a 1-year low of $1.13 and a 1-year high of $2.77. The stock’s market cap is $90.78 million.
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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