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Legacy Reserves (NASDAQ:LGCY)‘s stock had its “outperform” rating reiterated by equities researchers at Raymond James in a research report issued on Thursday. They currently have a $32.00 price objective on the stock, up from their previous price objective of $29.00. Raymond James’ price target would suggest a potential upside of 8.77% from the stock’s previous close.

The analysts wrote, “Legacy continues to de-risk its story. First with the WPX Energy transaction, creating a potential dropdown partner, and now lowering its equity cost of capital by issuing preferreds vs. common stock. Given the improved balance sheet, we now model y/y 2014 distribution growth of ~3.6% vs. previously estimating flat 2H14 distributions. “Longer term, we expect the growth pace to accelerate due to Legacy’s evolving dropdown story and high rate of return organic growth program. We reiterate our Outperform rating and raise our target price from $29 to $32.”

Legacy Reserves (NASDAQ:LGCY) traded up 1.39% on Thursday, hitting $29.8301. 67,511 shares of the company’s stock traded hands. Legacy Reserves has a 52-week low of $24.57 and a 52-week high of $29.70. The stock’s 50-day moving average is $27.38 and its 200-day moving average is $26.90. The company’s market cap is $1.717 billion.

Legacy Reserves (NASDAQ:LGCY) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.26 by $0.25. The company had revenue of $125.90 million for the quarter, compared to the consensus estimate of $122.01 million. Analysts expect that Legacy Reserves will post $1.04 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital upgraded shares of Legacy Reserves from an “outperform” rating to a “top pick” rating in a research note on Wednesday, May 28th. They now have a $36.00 price target on the stock, up previously from $31.00. Separately, analysts at JPMorgan Chase & Co. upgraded shares of Legacy Reserves from an “underweight” rating to a “neutral” rating in a research note on Tuesday, May 27th. They now have a $29.00 price target on the stock, up previously from $25.00. Finally, analysts at Wunderlich raised their price target on shares of Legacy Reserves from $26.00 to $31.00 in a research note on Tuesday, May 20th. They now have a “hold” rating on the stock. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Legacy Reserves currently has a consensus rating of “Buy” and a consensus target price of $31.61.

Legacy Reserves LP (NASDAQ:LGCY) is an independent oil and natural gas limited partnership.

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