Legacy Reserves LP (NASDAQ:LGCY) – FBR & Co upped their Q2 2017 earnings estimates for Legacy Reserves in a research report issued to clients and investors on Monday. FBR & Co analyst C. Mabry now expects that the oil and gas producer will post earnings of ($0.13) per share for the quarter, up from their prior estimate of ($0.23). FBR & Co currently has a “Hold” rating on the stock. FBR & Co also issued estimates for Legacy Reserves’ Q3 2017 earnings at ($0.12) EPS, Q4 2017 earnings at ($0.05) EPS, FY2017 earnings at ($0.14) EPS, FY2018 earnings at ($0.40) EPS and FY2019 earnings at ($0.31) EPS.
Other analysts also recently issued research reports about the company. Zacks Investment Research raised Legacy Reserves from a “hold” rating to a “buy” rating and set a $2.25 price objective on the stock in a research note on Wednesday, May 10th. Citigroup Inc reissued a “neutral” rating and issued a $2.15 price objective (down previously 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 hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Legacy Reserves presently has an average rating of “Buy” and an average target price of $2.11.
Legacy Reserves (NASDAQ:LGCY) opened at 2.12 on Thursday. Legacy Reserves has a 12 month low of $1.13 and a 12 month high of $2.92. The stock has a 50 day moving average price of $2.16 and a 200-day moving average price of $2.15. The stock’s market cap is $153.96 million.
Legacy Reserves (NASDAQ:LGCY) last announced its quarterly earnings results on Thursday, February 23rd. The oil and gas producer reported ($1.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by $1.27. The firm had revenue of $91.59 million during the quarter, compared to analyst estimates of $95.56 million. During the same period in the prior year, the company posted ($5.06) EPS. The firm’s quarterly revenue was up 14.6% on a year-over-year basis.
In other news, Director Cary D. Brown sold 93,146 shares of the business’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $10.23, for a total value of $952,883.58. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kyle D. Vann acquired 25,000 shares of the company’s stock in a transaction dated Monday, March 6th. The stock was purchased at an average cost of $2.35 per share, for a total transaction of $58,750.00. Following the purchase, the director now directly owns 144,860 shares in the company, valued at approximately $340,421. The disclosure for this purchase can be found here. 10.20% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP increased its stake 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. Credit Suisse AG increased its stake 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. Finally, FMR LLC increased its stake 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. 17.84% of the stock is currently owned by 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.
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