Legacy Reserves LP (LGCY) was Downgraded by FBR Capital to ” Underperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 2 from a previous price target of $1 . Earlier the firm had a rating of “Mkt Perform ” on the company shares. FBR Capital advised their investors in a research report released on May 2, 2016.
Many Wall Street Analysts have commented on Legacy Reserves LP. Legacy Reserves LP was Downgraded by Wells Fargo to ” Underperform” on Feb 18, 2016. Legacy Reserves LP was Downgraded by Ladenburg Thalmann to ” Neutral” on Feb 12, 2016.
On the company’s financial health, Legacy Reserves LP reported $-5.06 EPS for the quarter, missing the analyst consensus estimate by $ -4.69 based on the information available during the earnings call on Feb 24, 2016. Analyst had a consensus of $-0.37. The company had revenue of $79.90 million for the quarter, compared to analysts expectations of $98.69 million. The company’s revenue was down -33.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-4.94 EPS.
Legacy Reserves LP opened for trading at $3.19 and hit $3.89 on the upside on Wednesday, eventually ending the session at $3.64, with a gain of 25.09% or 0.73 points. The heightened volatility saw the trading volume jump to 1,01,15,256 shares. Company has a market cap of $253 M.
In a different news, on Oct 2, 2015, Kyle D Vann (director) purchased 25,000 shares at $4.17 per share price. According to the SEC, on Aug 20, 2015, Kyle Hammond (COO) purchased 34,255 shares at $5.83 per share price.
Legacy Reserves LP (Legacy) is a master limited partnership Company. The Company focuses on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin Rocky Mountain and Mid-Continent regions of the United States. As of December 31 2014 the Company had proved reserves of approximately 139.0 Million Barrels of Oil Equivalent (MMBoe) of which 50% were oil and natural gas liquids (NGLs) and 89% were classified as proved developed producing 2% were proved developed non-producing and 9% were proved undeveloped. The Companys proved reserves to production ratio were approximately 11.6 years based on the annualized production volumes. The Company completed 136 acquisitions of oil and natural gas properties for a total of approximately $2.1 billion.