Legacy Reserves Downgraded to “Neutral” at Zacks (LGCY)
Legacy Reserves (NASDAQ:LGCY) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Tuesday, Analyst RN reports. They currently have a $31.50 price target on the stock. Zacks‘ price target points to a potential upside of 19.54% from the company’s current price.
Shares of Legacy Reserves (NASDAQ:LGCY) traded down 0.72% during mid-day trading on Tuesday, hitting $26.3085. The stock had a trading volume of 77,231 shares. Legacy Reserves has a 1-year low of $24.62 and a 1-year high of $29.49. The stock has a 50-day moving average of $27.32 and a 200-day moving average of $27.32. The company’s market cap is $1.507 billion.
Legacy Reserves (NASDAQ:LGCY) last released its earnings data on Wednesday, February 19th. The company reported ($0.82) earnings per share for the quarter, missing the analysts’ 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. Analysts expect that Legacy Reserves will post $1.17 EPS for the current fiscal year.
A number of other firms have also recently commented on LGCY. Analysts at JPMorgan Chase & Co. initiated coverage on shares of Legacy Reserves in a research note on Thursday, February 20th. They set a “hold” rating and a $26.00 price target on the stock. Separately, analysts at Wunderlich downgraded shares of Legacy Reserves from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. They now have a $26.00 price target on the stock, down previously from $31.00. Finally, analysts at Barclays raised their price target on shares of Legacy Reserves from $30.00 to $31.00 in a research note on Wednesday, February 19th. They now have an “overweight” rating on the stock. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $27.90.
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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