$104.41 Million in Sales Expected for Legacy Reserves LP (LGCY) This Quarter
Equities research analysts predict that Legacy Reserves LP (NASDAQ:LGCY) will report sales of $104.41 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Legacy Reserves’ earnings. The highest sales estimate is $104.82 million and the lowest is $104.00 million. Legacy Reserves reported sales of $73.37 million during the same quarter last year, which would suggest a positive year over year growth rate of 42.3%. The firm is scheduled to announce its next earnings report on Wednesday, August 2nd.
According to Zacks, analysts expect that Legacy Reserves will report full-year sales of $104.41 million for the current year, with estimates ranging from $429.00 million to $431.36 million. For the next year, analysts anticipate that the business will report sales of $445.36 million per share, with estimates ranging from $441.00 million to $449.72 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Legacy Reserves.
Several equities analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Legacy Reserves from a “buy” rating to a “hold” rating in a report on Wednesday. ValuEngine lowered shares of Legacy Reserves from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 20th. Stifel Nicolaus lowered shares of Legacy Reserves from a “hold” rating to a “sell” rating and cut their price target for the stock from $2.00 to $1.00 in a report on Thursday, June 8th. FBR & Co reaffirmed a “hold” rating on shares of Legacy Reserves in a report on Tuesday, May 16th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and issued a $2.15 price target (down from $2.50) on shares of Legacy Reserves in a report on Monday, May 15th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. Legacy Reserves presently has an average rating of “Hold” and a consensus price target of $1.96.
Legacy Reserves (NASDAQ LGCY) traded down 2.90% during mid-day trading on Friday, hitting $1.34. The company had a trading volume of 167,048 shares. Legacy Reserves has a 1-year low of $1.13 and a 1-year high of $2.77.
Several large investors have recently bought and sold shares of the company. FMR LLC increased 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 valued at $23,069,000 after buying an additional 475,125 shares during the last quarter. GSA Capital Partners LLP increased 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 valued at $311,000 after buying an additional 41,000 shares during the last quarter. Finally, Credit Suisse AG increased 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 valued at $4,580,000 after buying an additional 203,500 shares during the last quarter. Institutional investors and hedge funds own 20.86% of the company’s stock.
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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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