Zacks: Analysts Expect Legacy Reserves LP (LGCY) to Post -$0.12 EPS
Analysts forecast that Legacy Reserves LP (NASDAQ:LGCY) will announce ($0.12) earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Zero analysts have made estimates for Legacy Reserves’ earnings. Legacy Reserves reported earnings of ($0.13) per share during the same quarter last year, which suggests a positive year-over-year growth rate of 7.7%. The firm is scheduled to announce its next earnings results on Wednesday, November 1st.
On average, analysts expect that Legacy Reserves will report full year earnings of ($0.52) per share for the current year. For the next fiscal year, analysts anticipate that the company will report earnings of ($0.40) per share. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that cover Legacy Reserves.
LGCY has been the subject of several research analyst reports. Zacks Investment Research upgraded Legacy Reserves from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a research report on Wednesday, May 10th. FBR & Co reiterated a “hold” rating on shares of Legacy Reserves in a research report on Tuesday, May 16th. Citigroup Inc. reiterated a “neutral” rating and set a $2.15 target price (down previously from $2.50) on shares of Legacy Reserves in a research report on Monday, May 15th. Stifel Nicolaus cut Legacy Reserves from a “hold” rating to a “sell” rating and cut their target price for the stock from $2.00 to $1.00 in a research report on Thursday, June 8th. Finally, ValuEngine cut Legacy Reserves from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company’s stock. Legacy Reserves presently has an average rating of “Hold” and a consensus price target of $1.96.
Large investors have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. grew its position in shares of Legacy Reserves by 123.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 68,952 shares of the oil and gas producer’s stock worth $101,000 after purchasing an additional 38,110 shares in the last quarter. Prescott Group Capital Management L.L.C. grew its position in shares of Legacy Reserves by 1.4% during the second quarter. Prescott Group Capital Management L.L.C. now owns 494,316 shares of the oil and gas producer’s stock worth $722,000 after purchasing an additional 6,750 shares in the last quarter. Finally, Credit Suisse AG grew its position in shares of Legacy Reserves by 11.3% during 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 purchasing an additional 203,500 shares in the last quarter. Hedge funds and other institutional investors own 20.65% of the company’s stock.
Shares of Legacy Reserves (LGCY) opened at 1.24 on Wednesday. Legacy Reserves has a 12 month low of $1.08 and a 12 month high of $2.77. The stock’s 50 day moving average price is $1.27 and its 200-day moving average price is $1.76. The company’s market cap is $90.37 million.
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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