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.
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.
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