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Stifel Nicolaus Reaffirms Sell Rating for Legacy Reserves LP (NASDAQ:LGCY)
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Other research analysts have also issued reports about the company. Zacks Investment Research lowered Legacy Reserves from a hold rating to a sell rating in a report on Monday, May 1st. Citigroup Inc. reissued a neutral rating and set a $2.15 target price (down from $2.50) on shares of Legacy Reserves in a report on Monday, May 15th. ValuEngine lowered Legacy Reserves from a sell rating to a strong sell rating in a report on Tuesday, June 20th. Finally, FBR & Co reissued a hold rating on shares of Legacy Reserves in a report on Tuesday, May 16th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $1.96.
Legacy Reserves (NASDAQ LGCY) traded down 2.40% during midday trading on Friday, hitting $1.22. The stock had a trading volume of 102,195 shares. Legacy Reserves has a 1-year low of $1.13 and a 1-year high of $2.77.
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A number of hedge funds and other institutional investors have recently modified their holdings of LGCY. GSA Capital Partners LLP raised 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 worth $311,000 after buying an additional 41,000 shares in the last quarter. Credit Suisse AG raised its position in shares of 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 in the last quarter. Finally, FMR LLC raised 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 worth $23,069,000 after buying an additional 475,125 shares in the last quarter. 20.86% of the stock is currently owned by hedge funds and other institutional investors.
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.