Legacy Reserves LP (LGCY) was Upgraded by FBR Capital to ” Mkt Perform”. Earlier the firm had a rating of “Underperform ” on the company shares. FBR Capital advised their investors in a research report released on Jul 6, 2016.
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 .
On the company’s financial health, Legacy Reserves LP reported $1.47 EPS for the quarter, beating the analyst consensus estimate by $ 2.14 according to the earnings call on May 4, 2016. Analyst had a consensus of $-0.67. The company had revenue of $65.90 million for the quarter, 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.
Legacy Reserves LP opened for trading at $1.69 and hit $1.8199 on the upside on Friday, eventually ending the session at $1.76, with a gain of 8.64% or 0.14 points. The heightened volatility saw the trading volume jump to 5,02,341 shares. Company has a market cap of $122 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.