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.
A number of other hedge funds and other institutional investors also recently bought and sold shares of LGCY. Credit Suisse AG increased its position 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 in the last quarter. GSA Capital Partners LLP increased its position in 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. Finally, FMR LLC increased its position in 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. Hedge funds and other institutional investors own 20.88% of the company’s stock.
Legacy Reserves LP (NASDAQ:LGCY) traded up 2.40% on Monday, reaching $1.28. The company’s stock had a trading volume of 64,741 shares. The company’s market capitalization is $92.96 million. Legacy Reserves LP has a 52-week low of $1.13 and a 52-week high of $2.77.
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A number of research firms have weighed in on LGCY. Zacks Investment Research downgraded Legacy Reserves from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Stifel Nicolaus restated a “sell” rating and issued a $1.00 price target on shares of Legacy Reserves in a research note on Friday, July 14th. ValuEngine downgraded Legacy Reserves from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 20th. FBR & Co restated a “hold” rating on shares of Legacy Reserves in a research note on Tuesday, May 16th. Finally, Citigroup Inc. restated a “neutral” rating and issued a $2.15 price target (down from $2.50) on shares of Legacy Reserves in a research note on Monday, May 15th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. Legacy Reserves currently has a consensus rating of “Hold” and a consensus target price of $1.96.
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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