Legacy Reserves LP (LGCY) Expected to Announce Earnings of -$0.18 Per Share

Equities analysts expect that Legacy Reserves LP (NASDAQ:LGCY) will post earnings per share (EPS) of ($0.18) for the current quarter, according to Zacks. Two analysts have made estimates for Legacy Reserves’ earnings, with estimates ranging from ($0.23) to ($0.13). Legacy Reserves posted earnings per share of ($0.69) in the same quarter last year, which would suggest a positive year-over-year growth rate of 73.9%. The firm is scheduled to issue its next earnings results on Wednesday, August 2nd.

On average, analysts expect that Legacy Reserves will report full-year earnings of ($0.25) per share for the current financial year, with EPS estimates ranging from ($0.36) to ($0.14). For the next year, analysts expect that the business will post earnings of ($0.48) per share, with EPS estimates ranging from ($0.56) to ($0.40). Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Legacy Reserves.

Several brokerages have recently issued reports on LGCY. Stifel Nicolaus cut shares of Legacy Reserves from a “hold” rating to a “sell” rating and lowered their price objective for the company from $2.00 to $1.00 in a research note on Thursday, June 8th. FBR & Co reissued a “hold” rating on shares of Legacy Reserves in a research note on Tuesday, May 16th. Zacks Investment Research cut shares of Legacy Reserves from a “buy” rating to a “sell” rating in a research note on Tuesday, February 28th. Finally, Citigroup Inc. reissued a “neutral” rating and set a $2.15 price objective (down from $2.50) on shares of Legacy Reserves in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Legacy Reserves currently has an average rating of “Hold” and a consensus target price of $1.96.

Hedge funds have recently made changes to their positions in the stock. GSA Capital Partners LLP boosted its stake in shares of Legacy Reserves by 38.8% in the fourth quarter. GSA Capital Partners LLP now owns 146,608 shares of the oil and gas producer’s stock valued at $311,000 after buying an additional 41,000 shares in the last quarter. Credit Suisse AG boosted its stake in shares of Legacy Reserves by 11.3% in the first quarter. Credit Suisse AG now owns 2,000,055 shares of the oil and gas producer’s stock worth $4,580,000 after buying an additional 203,500 shares during the period. Finally, FMR LLC boosted its stake in shares of Legacy Reserves by 4.6% in the fourth quarter. FMR LLC now owns 10,881,742 shares of the oil and gas producer’s stock worth $23,069,000 after buying an additional 475,125 shares during the period. 20.86% of the stock is owned by institutional investors.

Legacy Reserves (NASDAQ:LGCY) traded down 0.70% on Tuesday, reaching $1.41. The company’s stock had a trading volume of 187,395 shares. The firm has a 50 day moving average price of $1.92 and a 200 day moving average price of $2.16. The stock’s market capitalization is $102.40 million. Legacy Reserves has a 52 week low of $1.13 and a 52 week high of $2.77.

TRADEMARK VIOLATION NOTICE: This piece was first reported by Stock Observer and is the property of of Stock Observer. If you are viewing this piece on another site, it was illegally copied and reposted in violation of U.S. & international trademark & copyright legislation. The legal version of this piece can be read at https://www.thestockobserver.com/2017/07/18/legacy-reserves-lp-lgcy-expected-to-announce-earnings-of-0-18-per-share-updated-updated-updated.html.

Legacy Reserves Company Profile

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.

Get a free copy of the Zacks research report on Legacy Reserves (LGCY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Legacy Reserves LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legacy Reserves LP and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply