Legacy Reserves (LGCY) Sets New 1-Year High After Insider Buying Activity

Legacy Reserves LP (NASDAQ:LGCY) reached a new 52-week high during trading on Wednesday following insider buying activity. The stock traded as high as $2.67 and last traded at $2.56, with a volume of 575200 shares trading hands. The stock had previously closed at $2.56.

Specifically, major shareholder Baines Creek Capital, Llc acquired 161,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The shares were bought at an average cost of $2.09 per share, with a total value of $336,490.00. Following the completion of the acquisition, the insider now directly owns 8,077,930 shares in the company, valued at approximately $16,882,873.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have purchased 2,610,868 shares of company stock worth $5,985,774. 26.70% of the stock is currently owned by corporate insiders.

Separately, ValuEngine lowered shares of Legacy Reserves from a “sell” rating to a “strong sell” rating in a report on Saturday, February 3rd. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. Legacy Reserves presently has an average rating of “Hold” and a consensus price target of $1.88.

The company has a debt-to-equity ratio of -2.79, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market cap of $186.51, a price-to-earnings ratio of -1.20 and a beta of 2.85.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LGCY. Raymond James Financial Services Advisors Inc. grew its holdings in Legacy Reserves by 123.6% in 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. RR Advisors LLC grew its holdings in shares of 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 valued at $1,292,000 after buying an additional 245,000 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of Legacy Reserves during the third quarter valued at $430,000. Finally, Virtu Financial LLC purchased a new stake in shares of Legacy Reserves during the fourth quarter valued at $110,000. 16.54% of the stock is currently owned by institutional investors and hedge funds.

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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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