Legacy Reserves LP (LGCY) is Downgraded by Stifel to Sell, Price Target at $0.50

Legacy Reserves LP (LGCY) was Downgraded by Stifel to ” Sell” and the brokerage firm has set the Price Target at $0.50. Earlier the firm had a rating of “Hold ” on the company shares. Stifel advised their investors in a research report released on Sep 19, 2016.

Many Wall Street Analysts have commented on Legacy Reserves LP. Stifel Downgraded Legacy Reserves LP on Sep 19, 2016 to ” Sell”, Price Target of the shares are set at $0.50.Legacy Reserves LP was Upgraded by FBR Capital to ” Mkt Perform” on Jul 6, 2016.

On the company’s financial health, Legacy Reserves LP reported $-0.81 EPS for the quarter, missing the analyst consensus estimate by $ -0.49 based on the information available during the earnings call on Aug 3, 2016. Analyst had a consensus of $-0.32. The company had revenue of $73.37 million for the quarter, compared to analysts expectations of $92.00 million. The company’s revenue was down -16.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.63 EPS.

Legacy Reserves LP closed down -0.04 points or -2.42% at $1.61 with 221,296 shares getting traded on Friday. Post opening the session at $1.6, the shares hit an intraday low of $1.53 and an intraday high of $1.66 and the price fluctuated in this range throughout the day.Shares ended Friday 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

Leave a Reply

Legacy Reserves LP - Is it time to Sell?

Top Brokerage Firms are advising their investors on Legacy Reserves LP. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.