Legacy Reserves LP Unit (NASDAQ:LGCY) was the target of a significant drop in short interest in the month of September. As of September 28th, there was short interest totalling 390,984 shares, a drop of 47.8% from the September 14th total of 749,263 shares. Based on an average daily trading volume, of 746,577 shares, the short-interest ratio is presently 0.5 days. Approximately 0.5% of the company’s stock are sold short.
Shares of Legacy Reserves LP Unit stock opened at $5.01 on Friday. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of -1.63. Legacy Reserves LP Unit has a 12 month low of $1.07 and a 12 month high of $10.54. The firm has a market capitalization of $373.11 million, a PE ratio of -9.99 and a beta of 1.82.
Legacy Reserves LP Unit (NASDAQ:LGCY) last announced 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 Thomson Reuters’ consensus estimate of $0.01 by ($0.17). Legacy Reserves LP Unit had a negative return on equity of 1.87% and a negative net margin of 8.74%. The firm had revenue of $139.28 million for the quarter. As a group, analysts predict that Legacy Reserves LP Unit will post 0.65 earnings per share for the current fiscal year.
Several brokerages have recently commented on LGCY. BidaskClub cut Legacy Reserves LP Unit from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 24th. ValuEngine cut Legacy Reserves LP Unit from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Finally, Seaport Global Securities began coverage on Legacy Reserves LP Unit in a research report on Wednesday, September 19th. They issued a “neutral” rating for the company.
In other news, Chairman Paul T. Horne sold 563,551 shares of the firm’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $4.68, for a total value of $2,637,418.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Baines Creek Capital, Llc bought 119,099 shares of the firm’s stock in a transaction dated Thursday, August 16th. The stock was acquired at an average cost of $4.51 per share, with a total value of $537,136.49. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 733,010 shares of company stock valued at $3,711,014 and sold 1,524,115 shares valued at $7,132,858. Company insiders own 40.60% of the company’s stock.
Several large investors have recently made changes to their positions in LGCY. AMP Capital Investors Ltd purchased a new stake in shares of Legacy Reserves LP Unit during the second quarter worth $316,000. Citigroup Inc. raised its holdings in shares of 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 acquiring an additional 73,503 shares in the last quarter. Cavalier Investments LLC purchased a new stake in shares of Legacy Reserves LP Unit during the second quarter worth $551,000. Navellier & Associates Inc purchased a new stake in shares of Legacy Reserves LP Unit during the second quarter worth $653,000. Finally, Raymond James & Associates raised its holdings in shares of Legacy Reserves LP Unit by 33.1% during 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 in the last quarter. Institutional investors and hedge funds 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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