Legacy Reserves (LGCY) Downgraded to “Sell” at ValuEngine

ValuEngine downgraded shares of Legacy Reserves (NASDAQ:LGCY) from a hold rating to a sell rating in a research report sent to investors on Wednesday.

LGCY has been the subject of several other reports. BidaskClub downgraded shares of Legacy Reserves from a sell rating to a strong sell rating in a report on Tuesday, July 24th. Seaport Global Securities started coverage on shares of Legacy Reserves in a report on Wednesday, September 19th. They set a neutral rating for the company.

LGCY stock traded down $0.11 during trading on Wednesday, hitting $4.10. 54,557 shares of the stock traded hands, compared to its average volume of 448,190. Legacy Reserves has a one year low of $1.07 and a one year high of $10.54. The company has a market capitalization of $305.41 million, a P/E ratio of -8.25 and a beta of 1.81.

Legacy Reserves (NASDAQ:LGCY) last announced its quarterly earnings results on Wednesday, October 31st. The oil and gas producer reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.69). Legacy Reserves had a negative net margin of 8.74% and a negative return on equity of 1.87%. As a group, equities research analysts predict that Legacy Reserves will post 0.48 earnings per share for the current year.

In other Legacy Reserves news, insider James Daniel Westcott sold 301,648 shares of the business’s stock in a transaction dated Monday, September 24th. The shares were sold at an average price of $4.68, for a total value of $1,411,712.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Baines Creek Capital, Llc bought 119,099 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was bought at an average cost of $4.51 per share, with a total value of $537,136.49. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 733,010 shares of company stock valued at $3,711,014 and have sold 1,524,115 shares valued at $7,132,858. Company insiders own 40.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James & Associates raised its stake in shares of Legacy Reserves by 33.1% in the second quarter. Raymond James & Associates now owns 103,886 shares of the oil and gas producer’s stock worth $717,000 after acquiring an additional 25,826 shares during the last quarter. AMP Capital Investors Ltd bought a new position in shares of Legacy Reserves in the second quarter worth about $316,000. Cavalier Investments LLC bought a new position in shares of Legacy Reserves in the second quarter worth about $551,000. Navellier & Associates Inc bought a new position in shares of Legacy Reserves in the second quarter worth about $653,000. Finally, Hennessy Advisors Inc. bought a new position in shares of Legacy Reserves in the second quarter worth about $4,477,000. 21.24% of the stock is owned by institutional investors.

Legacy Reserves Company Profile

Legacy Reserves Inc, an independent energy company, engages in the acquisition, development, and production of oil and natural gas properties in the United States. Its operations focus on the horizontal development of unconventional plays in the Permian Basin and the management of shallow-decline oil and natural gas wells in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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