FBR & Co Brokers Increase Earnings Estimates for Legacy Reserves LP (LGCY)
Legacy Reserves LP (NASDAQ:LGCY) – Investment analysts at FBR & Co lifted their Q2 2017 earnings per share estimates for shares of Legacy Reserves in a research report issued on Monday. FBR & Co analyst C. Mabry now expects that the oil and gas producer will earn ($0.13) per share for the quarter, up from their previous estimate of ($0.23). FBR & Co has a “Hold” rating on the stock. FBR & Co also issued estimates for Legacy Reserves’ Q3 2017 earnings at ($0.12) EPS, Q4 2017 earnings at ($0.05) EPS, FY2017 earnings at ($0.14) EPS, FY2018 earnings at ($0.40) EPS and FY2019 earnings at ($0.31) EPS.
Legacy Reserves (NASDAQ:LGCY) last announced its quarterly earnings data on Thursday, February 23rd. The oil and gas producer reported ($1.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by $1.27. The firm had revenue of $91.59 million during the quarter, compared to the consensus estimate of $95.56 million. During the same period in the previous year, the business earned ($5.06) EPS. The business’s revenue was up 14.6% on a year-over-year basis. TRADEMARK VIOLATION WARNING: This piece was reported by American Banking News and is the property of of American Banking News. If you are accessing this piece on another site, it was copied illegally and republished in violation of United States and international copyright and trademark law. The original version of this piece can be accessed at https://www.americanbankingnews.com/2017/05/18/fbr-co-brokers-increase-earnings-estimates-for-legacy-reserves-lp-lgcy.html.
A number of other analysts have also weighed in on the stock. Citigroup Inc reissued a “neutral” rating and issued a $2.15 price target (down previously from $2.50) on shares of Legacy Reserves in a report on Monday. Zacks Investment Research raised shares of Legacy Reserves from a “hold” rating to a “buy” rating and set a $2.25 price target for the company in a report on Wednesday, May 10th. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $2.11.
Shares of Legacy Reserves (NASDAQ:LGCY) opened at 2.04 on Thursday. The firm’s market cap is $148.15 million. The stock’s 50 day moving average price is $2.16 and its 200-day moving average price is $2.15. Legacy Reserves has a 12 month low of $1.13 and a 12 month high of $2.92.
A number of hedge funds have recently added to or reduced their stakes in LGCY. FMR LLC raised its stake in Legacy Reserves by 4.6% in the fourth quarter. FMR LLC now owns 10,881,742 shares of the oil and gas producer’s stock worth $23,069,000 after buying an additional 475,125 shares in the last quarter. Credit Suisse AG raised its stake in Legacy Reserves by 11.3% in the first quarter. Credit Suisse AG now owns 2,000,055 shares of the oil and gas producer’s stock worth $4,580,000 after buying an additional 203,500 shares in the last quarter. Finally, GSA Capital Partners LLP raised its stake in Legacy Reserves by 38.8% in the fourth quarter. GSA Capital Partners LLP now owns 146,608 shares of the oil and gas producer’s stock worth $311,000 after buying an additional 41,000 shares in the last quarter. 17.84% of the stock is owned by hedge funds and other institutional investors.
In other Legacy Reserves news, Director Kyle D. Vann bought 25,000 shares of the stock in a transaction on Monday, March 6th. The stock was purchased at an average price of $2.35 per share, with a total value of $58,750.00. Following the acquisition, the director now owns 144,860 shares of the company’s stock, valued at $340,421. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Cary D. Brown sold 93,146 shares of Legacy Reserves stock in a transaction on Monday, February 27th. The stock was sold at an average price of $10.23, for a total transaction of $952,883.58. The disclosure for this sale can be found here. 10.20% of the stock is currently owned by insiders.
About Legacy Reserves
Legacy Reserves LP (Legacy) is a master limited partnership company. The Company focuses on the acquisition and development of oil and natural gas properties located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. As of December 31, 2016, the Company had proved reserves of approximately 144.8 million barrels of crude oil equivalent (MMBoe), of which 72% were natural gas, 28% were oil and natural gas liquids (NGLs) and 94% were classified as proved developed producing.
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