Legacy Reserves LP (LGCY) Upgraded at Zacks Investment Research

Legacy Reserves LP (NASDAQ:LGCY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, August 9th.

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. “

Several other research analysts have also recently weighed in on the company. FBR & Co reiterated a “hold” rating on shares of Legacy Reserves in a research report on Tuesday, May 16th. Stifel Nicolaus cut Legacy Reserves from a “hold” rating to a “sell” rating and lowered their price objective for the stock from $2.00 to $1.00 in a research report on Thursday, June 8th. Citigroup Inc. reiterated a “neutral” rating and set a $2.15 price objective (down previously from $2.50) on shares of Legacy Reserves in a research report on Monday, May 15th. Finally, ValuEngine cut Legacy Reserves from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. Legacy Reserves presently has an average rating of “Hold” and a consensus target price of $1.96.

Legacy Reserves (LGCY) traded up 0.44% during midday trading on Wednesday, reaching $1.22. 119,424 shares of the company’s stock were exchanged. Legacy Reserves has a 12 month low of $1.13 and a 12 month high of $2.77. The company has a 50 day moving average price of $1.32 and a 200 day moving average price of $1.85.

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Several hedge funds and other institutional investors have recently modified their holdings of the company. Credit Suisse AG boosted its position in shares of 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 worth $4,580,000 after buying an additional 203,500 shares during the last quarter. Prescott Group Capital Management L.L.C. boosted its position in shares of 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 worth $722,000 after buying an additional 6,750 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Legacy Reserves by 123.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 68,952 shares of the oil and gas producer’s stock worth $101,000 after buying an additional 38,110 shares during the last quarter. Institutional investors own 20.82% of the company’s stock.

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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