Legacy Reserves LP (LGCY) Releases Earnings Results, Beats Expectations By $2.14 EPS

Legacy Reserves LP (LGCY) reported quarterly earnings results on Wednesday, May-4-2016. The company said it had a profit of $1.47 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $2.14. Analysts had a consensus of $-0.67. The company posted revenue of $65.90 million in the period, compared to analysts expectations of $82.15 million. The company’s revenue was down -19.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-3.39 EPS.

Many Wall Street Analysts have commented on Legacy Reserves LP. Company shares were Downgraded by FBR Capital on May 2, 2016 to ” Underperform”, Firm has raised the Price Target to $ 2 from a previous price target of $1 .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.

Legacy Reserves LP closed down -0.45 points or -14.42% at $2.67 with 13,41,464 shares getting traded on Monday. Post opening the session at $2.9, the shares hit an intraday low of $2.56 and an intraday high of $2.97 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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 Company’s 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.

Legacy Reserves LP

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