Legacy Reserves Inc (NASDAQ:LGCY) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,098,917 shares, a growth of 114.9% from the October 15th total of 511,360 shares. Currently, 1.5% of the shares of the stock are short sold. Based on an average trading volume of 462,019 shares, the short-interest ratio is presently 2.4 days.
In other news, major shareholder Baines Creek Capital, Llc purchased 119,099 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was bought at an average cost of $4.51 per share, for a total transaction of $537,136.49. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Micah C. Foster sold 54,605 shares of the stock in a transaction on Monday, September 24th. The shares were sold at an average price of $4.68, for a total value of $255,551.40. The disclosure for this sale can be found here. Over the last quarter, insiders bought 733,010 shares of company stock valued at $3,711,014 and sold 1,524,115 shares valued at $7,132,858. 40.60% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. FMR LLC raised its position in Legacy Reserves by 7.7% during the 3rd quarter. FMR LLC now owns 10,504,004 shares of the oil and gas producer’s stock worth $50,944,000 after purchasing an additional 747,682 shares during the last quarter. JPMorgan Chase & Co. raised its position in Legacy Reserves by 2,449.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 50,979 shares of the oil and gas producer’s stock worth $247,000 after purchasing an additional 48,979 shares during the last quarter. Wells Fargo & Company MN raised its position in Legacy Reserves by 96.5% during the 3rd quarter. Wells Fargo & Company MN now owns 49,178 shares of the oil and gas producer’s stock worth $239,000 after purchasing an additional 24,152 shares during the last quarter. Raymond James & Associates raised its position in Legacy Reserves by 33.1% during the 2nd quarter. Raymond James & Associates now owns 103,886 shares of the oil and gas producer’s stock worth $717,000 after purchasing an additional 25,826 shares during the last quarter. Finally, AMP Capital Investors Ltd bought a new position in Legacy Reserves during the 2nd quarter worth $316,000. 21.24% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:LGCY opened at $3.42 on Friday. The firm has a market cap of $284.64 million, a P/E ratio of -6.84 and a beta of 1.87. Legacy Reserves has a 12-month low of $1.07 and a 12-month high of $10.54.
Legacy Reserves (NASDAQ:LGCY) last announced its earnings results on Wednesday, October 31st. The oil and gas producer reported ($0.46) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.69). The company had revenue of $145.21 million for the quarter, compared to the consensus estimate of $143.40 million. Legacy Reserves had a negative return on equity of 1.87% and a negative net margin of 10.64%. On average, equities research analysts anticipate that Legacy Reserves will post -0.04 earnings per share for the current year.
Several research analysts recently issued reports on LGCY shares. BidaskClub lowered Legacy Reserves from a “hold” rating to a “sell” rating in a research report on Friday, July 13th. Seaport Global Securities started coverage on Legacy Reserves in a research report on Wednesday, September 19th. They set a “neutral” rating for the company. Finally, ValuEngine lowered Legacy Reserves from a “hold” rating to a “sell” rating in a research report on Friday, October 12th.
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About Legacy Reserves
Legacy Reserves Inc, an independent energy company, engages in the acquisition, development, and production of oil and natural gas properties in the United States. Its operations focus on the horizontal development of unconventional plays in the Permian Basin and the management of shallow-decline oil and natural gas wells in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions.
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