Legacy Reserves Inc (LGCY) Short Interest Update

Legacy Reserves Inc (NASDAQ:LGCY) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 8,146,593 shares, a growth of 39.9% from the February 28th total of 5,822,268 shares. Approximately 8.7% of the company’s stock are short sold. Based on an average daily volume of 2,154,204 shares, the days-to-cover ratio is currently 3.8 days.

Shares of NASDAQ:LGCY remained flat at $$0.44 during midday trading on Friday. The company had a trading volume of 486,315 shares, compared to its average volume of 1,109,327. Legacy Reserves has a twelve month low of $0.38 and a twelve month high of $10.54. The stock has a market capitalization of $50.15 million, a price-to-earnings ratio of 4.85 and a beta of 1.61.

Legacy Reserves (NASDAQ:LGCY) last posted its earnings results on Monday, March 18th. The oil and gas producer reported $0.04 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.02). Legacy Reserves had a net margin of 7.90% and a negative return on equity of 3.66%. The company had revenue of $132.89 million for the quarter, compared to the consensus estimate of $146.80 million. Equities analysts anticipate that Legacy Reserves will post -0.28 EPS for the current year.

In other news, major shareholder Baines Creek Capital, Llc acquired 71,137 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were bought at an average cost of $1.25 per share, with a total value of $88,921.25. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have purchased a total of 1,449,651 shares of company stock worth $1,235,198 over the last three months. 40.60% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of LGCY. FMR LLC increased its stake in shares of Legacy Reserves by 13.3% in the fourth quarter. FMR LLC now owns 11,898,343 shares of the oil and gas producer’s stock worth $18,323,000 after purchasing an additional 1,394,339 shares during the period. Pensionmark Financial Group LLC bought a new position in shares of Legacy Reserves in the fourth quarter worth about $2,340,000. Morgan Stanley increased its stake in shares of Legacy Reserves by 269.4% in the third quarter. Morgan Stanley now owns 341,247 shares of the oil and gas producer’s stock worth $1,655,000 after purchasing an additional 248,878 shares during the period. Deutsche Bank AG bought a new position in shares of Legacy Reserves in the fourth quarter worth about $521,000. Finally, Western Wealth Management LLC bought a new position in shares of Legacy Reserves in the fourth quarter worth about $348,000. Institutional investors own 39.47% of the company’s stock.

Several brokerages have recently commented on LGCY. ValuEngine raised Legacy Reserves from a “strong sell” rating to a “sell” rating in a research report on Saturday, February 2nd. Zacks Investment Research raised Legacy Reserves from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 12th. Finally, TheStreet raised Legacy Reserves from a “d+” rating to a “c” rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The company currently has a consensus rating of “Hold”.

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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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