Baines Creek Capital, Llc Purchases 601,000 Shares of Legacy Reserves Inc (LGCY) Stock

Legacy Reserves Inc (NASDAQ:LGCY) major shareholder Baines Creek Capital, Llc purchased 601,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were acquired at an average cost of $0.52 per share, with a total value of $312,520.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Baines Creek Capital, Llc also recently made the following trade(s):

  • On Monday, March 11th, Baines Creek Capital, Llc purchased 71,137 shares of Legacy Reserves stock. The shares were acquired at an average cost of $1.25 per share, with a total value of $88,921.25.
  • On Wednesday, March 6th, Baines Creek Capital, Llc purchased 100,000 shares of Legacy Reserves stock. The shares were acquired at an average cost of $1.25 per share, with a total value of $125,000.00.
  • On Friday, March 1st, Baines Creek Capital, Llc purchased 100,000 shares of Legacy Reserves stock. The shares were acquired at an average cost of $1.16 per share, with a total value of $116,000.00.
  • On Wednesday, February 20th, Baines Creek Capital, Llc purchased 150,000 shares of Legacy Reserves stock. The shares were acquired at an average cost of $1.36 per share, with a total value of $204,000.00.
  • On Wednesday, February 13th, Baines Creek Capital, Llc purchased 175,000 shares of Legacy Reserves stock. The shares were acquired at an average cost of $1.50 per share, with a total value of $262,500.00.
  • On Friday, January 18th, Baines Creek Capital, Llc purchased 75,000 shares of Legacy Reserves stock. The shares were acquired at an average cost of $1.64 per share, with a total value of $123,000.00.
  • On Monday, December 31st, Baines Creek Capital, Llc purchased 470,786 shares of Legacy Reserves stock. The shares were acquired at an average cost of $1.37 per share, with a total value of $644,976.82.

Shares of NASDAQ LGCY opened at $0.48 on Friday. Legacy Reserves Inc has a twelve month low of $0.38 and a twelve month high of $10.54. The firm has a market cap of $57.48 million, a P/E ratio of 6.00 and a beta of 1.71.

A number of hedge funds and other institutional investors have recently made changes to their positions in LGCY. Pensionmark Financial Group LLC bought a new position in Legacy Reserves during the fourth quarter worth $2,340,000. FMR LLC raised its stake in Legacy Reserves by 13.3% during the fourth quarter. FMR LLC now owns 11,898,343 shares of the oil and gas producer’s stock worth $18,323,000 after buying an additional 1,394,339 shares during the last quarter. Morgan Stanley raised its stake in Legacy Reserves by 269.4% during the third quarter. Morgan Stanley now owns 341,247 shares of the oil and gas producer’s stock worth $1,655,000 after buying an additional 248,878 shares during the last quarter. Western Wealth Management LLC bought a new position in Legacy Reserves during the fourth quarter worth $348,000. Finally, Blair William & Co. IL bought a new position in Legacy Reserves during the third quarter worth $959,000. 43.11% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have recently issued reports on LGCY shares. Zacks Investment Research raised shares of Legacy Reserves from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 12th. ValuEngine raised shares of Legacy Reserves from a “strong sell” rating to a “sell” rating in a research note on Saturday, February 2nd. Finally, TheStreet raised shares of Legacy Reserves from a “d+” rating to a “c” rating in a research note on Tuesday. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold”.

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Legacy Reserves Company Profile

Legacy Reserves Inc, an independent energy company, engages in the acquisition, development, and production of oil and natural gas properties in the United States. Its operations focus on the horizontal development of unconventional plays in the Permian Basin and the management of shallow-decline oil and natural gas wells in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions.

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