Legacy Reserves Shares Down 4.4% on Disappointing Earnings (LGCY)
Legacy Reserves (NASDAQ:LGCY) shares dropped 4.4% on Wednesday following a dissappointing earnings announcement, Analyst Ratings Network reports. The stock traded as low as $29.81 and last traded at $29.99, with a volume of 244,292 shares trading hands. The stock had previously closed at $31.36.
The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.65. The company had revenue of $137.10 million for the quarter, compared to the consensus estimate of $128.87 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Stockholders of record on Friday, August 1st will be paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 8.04%. The ex-dividend date is Wednesday, July 30th. This is a boost from Legacy Reserves’s previous quarterly dividend of $0.60.
Several analysts have recently commented on the stock. Analysts at Citigroup Inc. downgraded shares of Legacy Reserves from a “buy” rating to a “neutral” rating in a research note on Tuesday. They now have a $32.50 price target on the stock, up previously from $27.00. Separately, analysts at TheStreet upgraded shares of Legacy Reserves from a “hold” rating to a “buy” rating in a research note on Thursday, June 12th. Finally, 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. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.70.
The stock’s 50-day moving average is $31.04 and its 200-day moving average is $27.81. The company’s market cap is $1.747 billion.
Legacy Reserves LP (NASDAQ:LGCY) is an independent oil and natural gas limited partnership.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.