Zacks: Brokerages Expect Legacy Reserves LP (LGCY) Will Post Earnings of -$0.16 Per Share

Analysts forecast that Legacy Reserves LP (NASDAQ:LGCY) will announce ($0.16) earnings per share for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Legacy Reserves’ earnings. The highest EPS estimate is ($0.13) and the lowest is ($0.18). Legacy Reserves posted earnings of ($0.69) per share in the same quarter last year, which would indicate a positive year over year growth rate of 76.8%. The firm is scheduled to announce its next earnings report on Wednesday, August 2nd.

On average, analysts expect that Legacy Reserves will report full year earnings of ($0.21) per share for the current year, with EPS estimates ranging from ($0.27) to ($0.14). For the next year, analysts forecast that the business will post earnings of ($0.48) per share, with EPS estimates ranging from ($0.55) to ($0.40). Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Legacy Reserves.

Legacy Reserves (NASDAQ:LGCY) last released its earnings results on Thursday, February 23rd. The oil and gas producer reported ($1.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by $1.27. The business had revenue of $91.59 million during the quarter, compared to analysts’ expectations of $95.56 million. Legacy Reserves’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period last year, the business earned ($5.06) EPS.

A number of brokerages have issued reports on LGCY. FBR & Co reaffirmed a “hold” rating on shares of Legacy Reserves in a research note on Tuesday, May 16th. Zacks Investment Research cut shares of Legacy Reserves from a “buy” rating to a “sell” rating in a research note on Tuesday, February 28th. Finally, Citigroup Inc reaffirmed a “neutral” rating and issued a $2.15 price objective (down from $2.50) on shares of Legacy Reserves in a research note on Monday, May 15th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $2.11.

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Legacy Reserves (NASDAQ:LGCY) traded up 1.44% during midday trading on Tuesday, reaching $2.12. The company’s stock had a trading volume of 177,604 shares. The stock’s market capitalization is $153.96 million. The firm has a 50-day moving average price of $2.16 and a 200 day moving average price of $2.15. Legacy Reserves has a 52-week low of $1.13 and a 52-week high of $2.92.

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 legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kyle D. Vann acquired 25,000 shares of Legacy Reserves stock in a transaction on Monday, March 6th. The stock was acquired at an average cost of $2.35 per share, for a total transaction of $58,750.00. Following the completion of the purchase, the director now 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.

Institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP boosted its position in shares of Legacy Reserves by 38.8% in the fourth quarter. GSA Capital Partners LLP now owns 146,608 shares of the oil and gas producer’s stock worth $311,000 after buying an additional 41,000 shares in the last quarter. Credit Suisse AG boosted its position in shares of Legacy Reserves by 11.3% in the first quarter. Credit Suisse AG now owns 2,000,055 shares of the oil and gas producer’s stock worth $4,580,000 after buying an additional 203,500 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Legacy Reserves by 4.6% in the fourth quarter. FMR LLC now owns 10,881,742 shares of the oil and gas producer’s stock worth $23,069,000 after buying an additional 475,125 shares in the last quarter. 17.84% of the stock is currently owned by hedge funds and other institutional investors.

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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