Legacy Reserves Inc (LGCY) Given Average Rating of “Hold” by Analysts

Legacy Reserves Inc (NASDAQ:LGCY) has been assigned an average rating of “Hold” from the six brokerages that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company.

LGCY has been the topic of a number of analyst reports. Zacks Investment Research raised Legacy Reserves from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 12th. ValuEngine raised Legacy Reserves from a “strong sell” rating to a “sell” rating in a research note on Saturday, February 2nd. Finally, TheStreet raised Legacy Reserves from a “d+” rating to a “c” rating in a research note on Tuesday, March 19th.

In other Legacy Reserves news, major shareholder Baines Creek Capital, Llc purchased 75,000 shares of the firm’s stock in a transaction on Friday, January 18th. The shares were purchased at an average cost of $1.64 per share, with a total value of $123,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders acquired 1,742,923 shares of company stock worth $1,876,918. 40.60% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of the business. Caz Investments LP acquired a new stake in Legacy Reserves in the 4th quarter worth about $31,000. Wells Fargo & Company MN boosted its stake in Legacy Reserves by 96.5% in the 3rd quarter. Wells Fargo & Company MN now owns 49,178 shares of the oil and gas producer’s stock worth $239,000 after buying an additional 24,152 shares during the last quarter. Two Sigma Advisers LP acquired a new stake in Legacy Reserves in the 4th quarter worth about $43,000. Barclays PLC boosted its stake in Legacy Reserves by 1,697.5% in the 4th quarter. Barclays PLC now owns 35,897 shares of the oil and gas producer’s stock worth $55,000 after buying an additional 33,900 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Legacy Reserves in the 4th quarter worth about $60,000. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

Shares of LGCY traded down $0.06 during trading hours on Thursday, reaching $0.48. 2,408,651 shares of the company traded hands, compared to its average volume of 2,128,632. The firm has a market cap of $51.02 million, a P/E ratio of 5.33 and a beta of 1.71. Legacy Reserves has a fifty-two week low of $0.38 and a fifty-two week high of $10.54.

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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