Legacy Reserves (LGCY) Stock Price Up 5.8%

Legacy Reserves Inc (NASDAQ:LGCY)’s share price rose 5.8% on Tuesday . The company traded as high as $1.53 and last traded at $1.47. Approximately 701,977 shares were traded during trading, a decline of 19% from the average daily volume of 862,916 shares. The stock had previously closed at $1.39.

LGCY has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Legacy Reserves from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 21st. ValuEngine raised shares of Legacy Reserves from a “strong sell” rating to a “sell” rating in a research note on Saturday, February 2nd. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Legacy Reserves presently has an average rating of “Hold”.

The company has a market cap of $143.12 million, a P/E ratio of -2.72 and a beta of 1.76.

In other Legacy Reserves news, major shareholder Baines Creek Capital, Llc bought 470,786 shares of the business’s stock in a transaction dated Monday, December 31st. The shares were acquired at an average price of $1.37 per share, with a total value of $644,976.82. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders bought 1,214,537 shares of company stock worth $1,941,054. Insiders own 40.60% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Caz Investments LP purchased a new position in shares of Legacy Reserves in the 4th quarter valued at $31,000. Wells Fargo & Company MN raised its stake in shares of Legacy Reserves by 96.5% in the 3rd quarter. Wells Fargo & Company MN now owns 49,178 shares of the oil and gas producer’s stock valued at $239,000 after acquiring an additional 24,152 shares during the period. Raymond James & Associates raised its stake in shares of Legacy Reserves by 33.1% in the 2nd quarter. Raymond James & Associates now owns 103,886 shares of the oil and gas producer’s stock valued at $717,000 after acquiring an additional 25,826 shares during the period. Two Sigma Advisers LP purchased a new position in shares of Legacy Reserves in the 4th quarter valued at $43,000. Finally, Barclays PLC raised its stake in shares of Legacy Reserves by 1,697.5% in the 4th quarter. Barclays PLC now owns 35,897 shares of the oil and gas producer’s stock valued at $55,000 after acquiring an additional 33,900 shares during the period. 15.47% of the stock is currently owned by institutional investors and hedge funds.

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About Legacy Reserves (NASDAQ:LGCY)

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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