Legacy Reserves LP (LGCY) Receives Average Recommendation of “Hold” from Analysts
Shares of Legacy Reserves LP (NASDAQ:LGCY) have been given a consensus recommendation of “Hold” by the six research firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $1.68.
A number of equities research analysts have recently commented on the company. ValuEngine lowered Legacy Reserves from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 20th. Zacks Investment Research upgraded Legacy Reserves from a “sell” rating to a “hold” rating in a report on Wednesday. Citigroup Inc. reiterated a “neutral” rating and set a $2.15 price objective (down from $2.50) on shares of Legacy Reserves in a report on Monday, May 15th. Stifel Nicolaus reiterated a “sell” rating and set a $1.00 price objective on shares of Legacy Reserves in a report on Friday, July 14th. Finally, FBR & Co reiterated a “hold” rating on shares of Legacy Reserves in a report on Tuesday, May 16th.
An institutional investor recently raised its position in Legacy Reserves stock. Prescott Group Capital Management L.L.C. increased its position in shares of Legacy Reserves LP (NASDAQ:LGCY) by 1.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 494,316 shares of the oil and gas producer’s stock after buying an additional 6,750 shares during the period. Prescott Group Capital Management L.L.C.’s holdings in Legacy Reserves were worth $722,000 as of its most recent SEC filing. 20.89% of the stock is owned by hedge funds and other institutional investors.
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Legacy Reserves (NASDAQ LGCY) traded down 5.80% during mid-day trading on Friday, hitting $1.30. 82,143 shares of the stock were exchanged. The company has a 50-day moving average price of $1.34 and a 200-day moving average price of $1.90. The company’s market cap is $94.74 million. Legacy Reserves has a one year low of $1.13 and a one year high of $2.77.
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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