Legacy Reserves LP Unit (LGCY) Downgraded to “Sell” at ValuEngine

ValuEngine cut shares of Legacy Reserves LP Unit (NASDAQ:LGCY) from a hold rating to a sell rating in a research note published on Friday.

Several other research firms have also commented on LGCY. BidaskClub lowered shares of Legacy Reserves LP Unit from a sell rating to a strong sell rating in a research note on Tuesday, July 24th. Seaport Global Securities assumed coverage on shares of Legacy Reserves LP Unit in a research note on Wednesday, September 19th. They set a neutral rating for the company.

Legacy Reserves LP Unit stock traded up $0.05 during trading hours on Friday, hitting $5.01. The company had a trading volume of 287,860 shares, compared to its average volume of 620,980. The stock has a market cap of $373.11 million, a price-to-earnings ratio of -10.02 and a beta of 1.82. The company has a debt-to-equity ratio of -1.63, a current ratio of 0.17 and a quick ratio of 0.17. Legacy Reserves LP Unit has a 1 year low of $1.07 and a 1 year high of $10.54.

Legacy Reserves LP Unit (NASDAQ:LGCY) last released its quarterly earnings data on Wednesday, August 1st. The oil and gas producer reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.17). Legacy Reserves LP Unit had a negative net margin of 8.74% and a negative return on equity of 1.87%. The company had revenue of $139.28 million during the quarter. Research analysts expect that Legacy Reserves LP Unit will post 0.65 earnings per share for the current year.

In other Legacy Reserves LP Unit news, major shareholder Baines Creek Capital, Llc acquired 119,099 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were purchased at an average price of $4.51 per share, for a total transaction of $537,136.49. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Daniel Westcott sold 301,648 shares of the stock in a transaction on Monday, September 24th. The stock was sold at an average price of $4.68, for a total transaction of $1,411,712.64. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 733,010 shares of company stock worth $3,711,014 and have sold 1,524,115 shares worth $7,132,858. Corporate insiders own 40.60% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Raymond James & Associates increased its stake in shares of Legacy Reserves LP Unit by 33.1% in the second quarter. Raymond James & Associates now owns 103,886 shares of the oil and gas producer’s stock worth $717,000 after acquiring an additional 25,826 shares during the period. AMP Capital Investors Ltd acquired a new stake in Legacy Reserves LP Unit during the second quarter worth about $316,000. Citigroup Inc. increased its position in Legacy Reserves LP Unit by 1,701.5% during the first quarter. Citigroup Inc. now owns 77,823 shares of the oil and gas producer’s stock worth $366,000 after purchasing an additional 73,503 shares during the last quarter. Cavalier Investments LLC acquired a new stake in Legacy Reserves LP Unit during the second quarter worth about $551,000. Finally, Navellier & Associates Inc acquired a new stake in Legacy Reserves LP Unit during the second quarter worth about $653,000. Hedge funds and other institutional investors own 21.28% of the company’s stock.

About Legacy Reserves LP Unit

Legacy Reserves LP acquires and develops oil and natural gas properties primarily in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions of the United States. As of December 31, 2017, the company owned interests in producing oil and natural gas properties in 606 fields comprising 10,492 gross productive wells, including 3,497 operated and 6,995 non-operated wells located in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma, and other states.

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