Analysts expect Legacy Reserves LP (NASDAQ:LGCY) to post ($0.25) earnings per share for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Legacy Reserves’ earnings. The highest EPS estimate is ($0.23) and the lowest is ($0.28). Legacy Reserves posted earnings per share of ($0.43) during the same quarter last year, which would indicate a positive year-over-year growth rate of 41.9%. The company is scheduled to announce its next earnings results after the market closes on Wednesday, May 3rd.
According to Zacks, analysts expect that Legacy Reserves will report full-year earnings of ($0.81) per share for the current fiscal year, with EPS estimates ranging from ($0.83) to ($0.78). For the next financial year, analysts forecast that the firm will report earnings of ($0.57) per share, with EPS estimates ranging from ($0.59) to ($0.56). Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that cover Legacy Reserves.
Legacy Reserves (NASDAQ:LGCY) last issued its earnings results on Thursday, February 23rd. The oil and gas producer reported ($1.53) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.26) by $1.27. The business had revenue of $91.59 million for the quarter, compared to the consensus estimate of $95.56 million. During the same period in the previous year, the business posted ($5.06) earnings per share. The company’s quarterly revenue was up 14.6% compared to the same quarter last year.
LGCY has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Legacy Reserves from a “hold” rating to a “buy” rating and set a $2.75 price target on the stock in a research note on Tuesday, January 17th. FBR & Co restated a “hold” rating on shares of Legacy Reserves in a research note on Wednesday, February 22nd.
Shares of Legacy Reserves (NASDAQ:LGCY) traded up 0.97% on Tuesday, reaching $2.08. 149,937 shares of the company’s stock were exchanged. Legacy Reserves has a 1-year low of $1.13 and a 1-year high of $3.29. The company’s market capitalization is $151.06 million. The stock’s 50-day moving average price is $2.14 and its 200-day moving average price is $2.09.
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In other Legacy Reserves news, Director Cary D. Brown sold 93,146 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $10.23, for a total value of $952,883.58. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kyle D. Vann purchased 25,000 shares of the company’s stock in a transaction on Monday, March 6th. The stock was purchased at an average price of $2.35 per share, for a total transaction of $58,750.00. Following the purchase, the director now directly owns 144,860 shares of the company’s stock, valued at approximately $340,421. The disclosure for this purchase can be found here. 10.20% of the stock is currently owned by company insiders.
A hedge fund recently raised its stake in Legacy Reserves stock. GSA Capital Partners LLP boosted its stake in shares of Legacy Reserves LP (NASDAQ:LGCY) by 38.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,608 shares of the oil and gas producer’s stock after buying an additional 41,000 shares during the period. GSA Capital Partners LLP owned 0.20% of Legacy Reserves worth $311,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 17.84% of the company’s stock.
About Legacy Reserves
Legacy Reserves LP (Legacy) is a master limited partnership company. The Company focuses on the acquisition and development of oil and natural gas properties located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. As of December 31, 2016, the Company had proved reserves of approximately 144.8 million barrels of crude oil equivalent (MMBoe), of which 72% were natural gas, 28% were oil and natural gas liquids (NGLs) and 94% were classified as proved developed producing.
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