Zacks: Analysts Expect Legacy Reserves LP (LGCY) Will Announce Quarterly Sales of $104.41 Million

Equities analysts expect Legacy Reserves LP (NASDAQ:LGCY) to report sales of $104.41 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Legacy Reserves’ earnings, with the highest sales estimate coming in at $104.82 million and the lowest estimate coming in at $104.00 million. Legacy Reserves reported sales of $73.37 million in the same quarter last year, which would suggest a positive year over year growth rate of 42.3%. The company is expected to report its next earnings report on Wednesday, August 2nd.

On average, analysts expect that Legacy Reserves will report full-year sales of $104.41 million for the current year, with estimates ranging from $429.00 million to $431.36 million. For the next fiscal year, analysts expect that the firm will report sales of $445.36 million per share, with estimates ranging from $441.00 million to $449.72 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Legacy Reserves.

Several brokerages recently issued reports on LGCY. Stifel Nicolaus lowered Legacy Reserves from a “hold” rating to a “sell” rating and reduced their target price for the company from $2.00 to $1.00 in a research report on Thursday, June 8th. FBR & Co reaffirmed a “hold” rating on shares of Legacy Reserves in a research report on Tuesday, May 16th. Citigroup Inc. reaffirmed a “neutral” rating and set a $2.15 target price (down from $2.50) on shares of Legacy Reserves in a research report on Monday, May 15th. Finally, Zacks Investment Research raised Legacy Reserves from a “hold” rating to a “buy” rating and set a $2.25 target price on the stock in a research report on Wednesday, May 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $1.96.

Shares of Legacy Reserves (NASDAQ:LGCY) traded down 0.70% during trading on Thursday, hitting $1.41. The stock had a trading volume of 187,395 shares. Legacy Reserves has a 12 month low of $1.13 and a 12 month high of $2.77. The company’s market cap is $102.40 million. The stock has a 50-day moving average price of $1.92 and a 200 day moving average price of $2.16.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Credit Suisse AG raised its position 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 valued at $4,580,000 after buying an additional 203,500 shares in the last quarter. GSA Capital Partners LLP raised its position 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. Finally, FMR LLC raised its position 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 valued at $23,069,000 after buying an additional 475,125 shares in the last quarter. 20.86% of the stock is currently owned by institutional investors.

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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