Legacy Reserves LP Unit (LGCY) Downgraded by ValuEngine

Legacy Reserves LP Unit (NASDAQ:LGCY) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Thursday.

A number of other brokerages also recently weighed in on LGCY. Seaport Global Securities started coverage on shares of Legacy Reserves LP Unit in a report on Wednesday, September 19th. They issued a “neutral” rating on the stock. BidaskClub downgraded shares of Legacy Reserves LP Unit from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 8th.

LGCY opened at $4.94 on Thursday. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of -1.63. The firm has a market cap of $373.11 million, a price-to-earnings ratio of -9.88 and a beta of 1.82. Legacy Reserves LP Unit has a 1 year low of $1.07 and a 1 year high of $10.54.

Legacy Reserves LP Unit (NASDAQ:LGCY) last issued its quarterly earnings results on Wednesday, August 1st. The oil and gas producer reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.17). The company had revenue of $139.28 million during the quarter. Legacy Reserves LP Unit had a negative return on equity of 1.87% and a negative net margin of 8.74%. On average, analysts expect that Legacy Reserves LP Unit will post 0.65 EPS for the current fiscal year.

In other news, major shareholder Baines Creek Capital, Llc acquired 119,099 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were acquired at an average cost of $4.51 per share, for a total transaction of $537,136.49. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Paul T. Horne sold 563,551 shares of the business’s stock in a transaction dated Monday, September 24th. The shares were sold at an average price of $4.68, for a total value of $2,637,418.68. The disclosure for this sale can be found here. Over the last three months, insiders purchased 733,010 shares of company stock worth $3,711,014 and sold 1,524,115 shares worth $7,132,858. 40.60% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the stock. AMP Capital Investors Ltd bought a new stake in Legacy Reserves LP Unit in the 2nd quarter valued at about $316,000. Citigroup Inc. raised its stake in Legacy Reserves LP Unit by 1,701.5% in the 1st quarter. Citigroup Inc. now owns 77,823 shares of the oil and gas producer’s stock valued at $366,000 after acquiring an additional 73,503 shares during the period. Navellier & Associates Inc bought a new stake in Legacy Reserves LP Unit in the 2nd quarter valued at about $653,000. Cavalier Investments LLC bought a new stake in Legacy Reserves LP Unit in the 2nd quarter valued at about $551,000. Finally, Raymond James & Associates raised its stake in Legacy Reserves LP Unit by 33.1% in the 2nd quarter. Raymond James & Associates now owns 103,886 shares of the oil and gas producer’s stock valued at $717,000 after acquiring an additional 25,826 shares during the period. Institutional investors and hedge funds own 21.28% of the company’s stock.

About Legacy Reserves LP Unit

Legacy Reserves LP acquires and develops oil and natural gas properties primarily in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions of the United States. As of December 31, 2017, the company owned interests in producing oil and natural gas properties in 606 fields comprising 10,492 gross productive wells, including 3,497 operated and 6,995 non-operated wells located in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma, and other states.

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