Legacy Reserves LP (LGCY) Sees Large Growth in Short Interest

Legacy Reserves LP (NASDAQ:LGCY) was the recipient of a significant increase in short interest in January. As of January 12th, there was short interest totalling 873,348 shares, an increase of 37.3% from the December 29th total of 636,162 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 466,542 shares, the short-interest ratio is currently 1.9 days.

Separately, ValuEngine upgraded shares of Legacy Reserves from a “strong sell” rating to a “sell” rating in a research report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $1.88.

In other Legacy Reserves news, major shareholder Baines Creek Capital, Llc purchased 141,986 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were purchased at an average cost of $2.31 per share, with a total value of $327,987.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders bought 587,239 shares of company stock worth $1,242,821. Insiders own 26.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. increased its position in 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 during the last quarter. Valeo Financial Advisors LLC acquired a new stake in Legacy Reserves during the third quarter worth about $430,000. Finally, RR Advisors LLC increased its position in Legacy Reserves by 40.5% during the third quarter. RR Advisors LLC now owns 850,000 shares of the oil and gas producer’s stock worth $1,292,000 after purchasing an additional 245,000 shares during the last quarter. Hedge funds and other institutional investors own 20.21% of the company’s stock.

Shares of Legacy Reserves (LGCY) opened at $2.52 on Friday. Legacy Reserves has a 12-month low of $1.07 and a 12-month high of $2.71. The stock has a market cap of $176.31, a PE ratio of -1.19 and a beta of 2.49. The company has a debt-to-equity ratio of -2.79, a quick ratio of 0.71 and a current ratio of 0.71.

Legacy Reserves (NASDAQ:LGCY) last released its quarterly earnings data on Wednesday, November 1st. The oil and gas producer reported ($0.53) earnings per share (EPS) for the quarter. The company had revenue of $106.82 million for the quarter.

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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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