Zacks Upgrades Legacy Reserves to “Outperform” (LGCY)
Legacy Reserves (NASDAQ:LGCY) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research report issued on Tuesday, American Banking and Market News reports. The firm currently has a $31.50 target price on the stock. Zacks‘ target price points to a potential upside of 11.98% from the stock’s previous close.
Legacy Reserves (NASDAQ:LGCY) traded up 0.14% during mid-day trading on Tuesday, hitting $28.17. The stock had a trading volume of 59,792 shares. Legacy Reserves has a 52-week low of $24.20 and a 52-week high of $29.49. The stock’s 50-day moving average is $27.34 and its 200-day moving average is $27.23. The company has a market cap of $1.620 billion and a price-to-earnings ratio of 120.73.
Legacy Reserves (NASDAQ:LGCY) last announced its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.34 by $0.40. The company had revenue of $136.18 million for the quarter, compared to the consensus estimate of $125.87 million. During the same quarter last year, the company posted ($0.49) earnings per share. Legacy Reserves’s revenue was up 61.7% compared to the same quarter last year. Analysts expect that Legacy Reserves will post $0.54 EPS for the current fiscal year.
A number of other firms have also recently commented on LGCY. Analysts at Wunderlich initiated coverage on shares of Legacy Reserves in a research note to investors on Wednesday, October 23rd. They set a “buy” rating and a $31.00 price target on the stock. Analysts at UBS AG initiated coverage on shares of Legacy Reserves in a research note to investors on Tuesday, October 15th. They set a “neutral” rating on the stock. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $29.83.
Legacy Reserves LP (NASDAQ:LGCY) is an independent oil and natural gas limited partnership, and is focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-continent and Rocky Mountain regions of the United States.
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