Short Interest in Legacy Reserves Increases By 32.4% (LGCY)
Legacy Reserves (NASDAQ:LGCY) was the recipient of a large increase in short interest in the month of June. As of June 13th, there was short interest totalling 971,379 shares, an increase of 32.4% from the May 30th total of 733,484 shares, ARN reports. Currently, 2.0% of the company’s stock are short sold. Based on an average daily volume of 206,022 shares, the short-interest ratio is presently 4.7 days.
A number of analysts have recently weighed in on LGCY shares. Analysts at TheStreet upgraded shares of Legacy Reserves from a “hold” rating to a “buy” rating in a research note on Thursday, June 12th. Separately, analysts at Raymond James reiterated an “outperform” rating on shares of Legacy Reserves in a research note on Thursday, June 12th. They now have a $32.00 price target on the stock, up previously from $29.00. Finally, 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. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Legacy Reserves has a consensus rating of “Buy” and a consensus target price of $31.61.
Shares of Legacy Reserves (NASDAQ:LGCY) opened at 31.07 on Thursday. Legacy Reserves has a one year low of $24.57 and a one year high of $31.84. The stock has a 50-day moving average of $29.52 and a 200-day moving average of $27.2. The company’s market cap is $1.789 billion.
Legacy Reserves (NASDAQ:LGCY) last released its earnings data 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 $0.98 EPS for the current fiscal year.
Legacy Reserves LP (NASDAQ:LGCY) is an independent oil and natural gas limited partnership.
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