Legacy Reserves LP (NASDAQ:LGCY) Given Average Rating of “Hold” by Brokerages
Legacy Reserves LP (NASDAQ:LGCY) has been assigned an average rating of “Hold” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $1.68.
LGCY has been the topic of several analyst reports. Zacks Investment Research lowered shares of Legacy Reserves from a “hold” rating to a “sell” rating in a report on Monday, May 1st. Citigroup Inc. reiterated a “neutral” rating and set a $2.15 price target (down previously from $2.50) on shares of Legacy Reserves in a research report on Monday, May 15th. FBR & Co reiterated a “hold” rating on shares of Legacy Reserves in a research report on Tuesday, May 16th. Stifel Nicolaus downgraded shares of Legacy Reserves from a “hold” rating to a “sell” rating and reduced their price target for the stock from $2.00 to $1.00 in a research report on Thursday, June 8th. Finally, ValuEngine downgraded shares of Legacy Reserves from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 20th.
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Shares of Legacy Reserves (LGCY) traded up 1.63% during mid-day trading on Monday, reaching $1.25. 374,068 shares of the company traded hands. Legacy Reserves has a 52-week low of $1.13 and a 52-week high of $2.77.
A number of hedge funds have recently bought and sold shares of LGCY. Credit Suisse AG boosted 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 during the last quarter. GSA Capital Partners LLP boosted its position in shares of 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 in the last quarter. Finally, FMR LLC boosted its position in shares of 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 in the last quarter. 20.86% of the stock is owned by institutional investors and hedge funds.
Legacy Reserves Company Profile
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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