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Research analysts at JPMorgan Chase & Co. began coverage on shares of Legacy Reserves (NASDAQ:LGCY) in a report released on Thursday, American Banking & Market News reports. The firm set a “hold” rating and a $26.00 price target on the stock. JPMorgan Chase & Co.’s price objective would indicate a potential downside of 5.14% from the stock’s previous close.

The analysts wrote, “We are downgrading Legacy Reserves (LGCY) to a Hold and reducing our price target to $26 from $31. In our view, risks to Legacy’s valuation are skewed downward amid a flat production growth in the absence of acquisitions, widening differentials, and rising costs. High commodity prices and a competitive M&A market could make the year more challenging for Legacy as it continues to look for 3rd party acquisitions in order to grow. Based on our valuation, the company appears to offer lower total return prospects versus its peers. Accordingly, we are downgrading the stock to a Hold rating.”

LGCY has been the subject of a number of other recent research reports. Analysts at Wunderlich downgraded shares of Legacy Reserves from a “buy” rating to a “hold” rating in a research note on Thursday. They now have a $26.00 price target on the stock, down previously from $31.00. Separately, analysts at Barclays raised their price target on shares of Legacy Reserves from $30.00 to $31.00 in a research note on Wednesday. They now have an “overweight” rating on the stock. Finally, analysts at Zacks upgraded shares of Legacy Reserves from a “neutral” rating to an “outperform” rating in a research note on Tuesday, January 7th. They now have a $31.50 price target on the stock. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $27.90.

Shares of Legacy Reserves (NASDAQ:LGCY) traded down 3.70% during mid-day trading on Thursday, hitting $26.395. The stock had a trading volume of 114,728 shares. Legacy Reserves has a 52 week low of $24.62 and a 52 week high of $29.49. The stock’s 50-day moving average is $27.45 and its 200-day moving average is $27.34. The company has a market cap of $1.518 billion and a P/E ratio of 117.64.

Legacy Reserves (NASDAQ:LGCY) last released its earnings data on Wednesday, February 19th. The company reported ($0.82) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.32 by $1.14. The company had revenue of $122.00 million for the quarter, compared to the consensus estimate of $126.03 million. On average, analysts predict that Legacy Reserves will post $1.33 earnings per share for the current fiscal year.

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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