Legacy Reserves (NASDAQ:LGCY) Downgraded to Strong Sell at ValuEngine

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Legacy Reserves (NASDAQ:LGCY) was downgraded by analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a note issued to investors on Thursday, ValuEngine reports.

A number of other equities analysts have also recently issued reports on the stock. TheStreet raised shares of Legacy Reserves from a “d+” rating to a “c” rating in a research note on Tuesday, March 19th. Zacks Investment Research raised shares of Legacy Reserves from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The company has an average rating of “Hold”.

LGCY stock traded down $0.02 during midday trading on Thursday, reaching $0.04. The company’s stock had a trading volume of 40,975,900 shares, compared to its average volume of 8,074,110. Legacy Reserves has a 52 week low of $0.03 and a 52 week high of $7.14. The stock has a market capitalization of $6.77 million, a PE ratio of 0.22 and a beta of 2.14. The stock’s 50-day moving average price is $0.21.

Legacy Reserves (NASDAQ:LGCY) last announced its quarterly earnings data on Thursday, May 9th. The oil and gas producer reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.16). Legacy Reserves had a negative net margin of 18.46% and a negative return on equity of 4.82%. The business had revenue of $118.50 million during the quarter, compared to the consensus estimate of $115.70 million.

In other news, major shareholder Baines Creek Capital, Llc sold 3,300,000 shares of Legacy Reserves stock in a transaction on Monday, June 10th. The shares were sold at an average price of $0.30, for a total transaction of $990,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in LGCY. Pensionmark Financial Group LLC bought a new position in shares of Legacy Reserves during the fourth quarter worth $2,340,000. FMR LLC boosted its position in shares of 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 purchasing an additional 1,394,339 shares in the last quarter. Baines Creek Capital LLC boosted its position in shares of Legacy Reserves by 2.2% during the first quarter. Baines Creek Capital LLC now owns 24,688,052 shares of the oil and gas producer’s stock worth $12,097,000 after purchasing an additional 535,000 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Legacy Reserves during the fourth quarter worth $521,000. Finally, Morgan Stanley boosted its position in shares of 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 purchasing an additional 248,878 shares in the last quarter. 42.80% of the stock is currently owned by institutional investors.

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. It focuses on the horizontal development of unconventional plays in the Permian Basin and the management of shallow-decline oil and natural gas wells in the regions of Permian Basin, East Texas, Rocky Mountain, and Mid-Continent.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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