Price Action to Note: Time to Buy Legacy Reserves LP After Today’s Significant Increase?

Price Action to Note: Time to Buy Legacy Reserves LP After Today's Significant Increase?

The stock of Legacy Reserves LP (NASDAQ:LGCY) is a huge mover today! Legacy Reserves LP (NASDAQ:LGCY) has declined 35.67% since April 28, 2016 and is downtrending. It has underperformed by 41.59% the S&P500.
The move comes after 8 months positive chart setup for the $115.01M company. It was reported on Dec, 1 by Barchart.com. We have $1.71 PT which if reached, will make NASDAQ:LGCY worth $8.05M more.

Analysts await Legacy Reserves LP (NASDAQ:LGCY) to report earnings on February, 22. They expect $-0.21 earnings per share, up 36.36% or $0.12 from last year’s $-0.33 per share. After $-0.13 actual earnings per share reported by Legacy Reserves LP for the previous quarter, Wall Street now forecasts 61.54% negative EPS growth.

Legacy Reserves LP (NASDAQ:LGCY) Ratings Coverage

Out of 11 analysts covering Legacy Reserves (NASDAQ:LGCY), 0 rate it a “Buy”, 4 “Sell”, while 7 “Hold”. This means 0 are positive. Legacy Reserves has been the topic of 21 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The stock of Legacy Reserves LP (NASDAQ:LGCY) has “Underperform” rating given on Thursday, February 18 by Wells Fargo. UBS downgraded it to “Neutral” rating and $5.50 target price in Friday, August 21 report. Citigroup maintained the stock with “Neutral” rating in Thursday, September 29 report. As per Wednesday, September 30, the company rating was maintained by Barclays Capital. FBR Capital maintained the shares of LGCY in a report on Wednesday, November 18 with “Outperform” rating. Ladenburg Thalmann downgraded Legacy Reserves LP (NASDAQ:LGCY) on Friday, February 12 to “Neutral” rating. The stock has “Sector Perform” rating given by RBC Capital Markets on Friday, August 7. Wunderlich maintained Legacy Reserves LP (NASDAQ:LGCY) on Friday, August 7 with “Buy” rating. The stock of Legacy Reserves LP (NASDAQ:LGCY) earned “Hold” rating by Stifel Nicolaus on Monday, December 7. The company was downgraded on Wednesday, October 14 by Wunderlich.

According to Zacks Investment Research, “Legacy Reserves LP is an independent oil and natural gas limited partnership headquartered in Midland, Texas, and is focused on the acquisition and exploitation of oil and natural gas properties primarily located in the Permian Basin and Mid-continent regions.”

Insitutional Activity: The institutional sentiment decreased to 0.43 in 2016 Q2. Its down 0.27, from 0.7 in 2016Q1. The ratio dropped, as 11 funds sold all Legacy Reserves LP shares owned while 16 reduced positions. 9 funds bought stakes while 10 increased positions. They now own 14.06 million shares or 6.80% more from 13.17 million shares in 2016Q1.
The Florida-based Ifc Holdg Incorporated Fl has invested 0% in Legacy Reserves LP (NASDAQ:LGCY). The North Carolina-based Bancshares Of America De has invested 0% in Legacy Reserves LP (NASDAQ:LGCY). Syntal Capital Prns Limited Co, a Texas-based fund reported 19,154 shares. Geode Capital Management Limited Liability Corp holds 0% or 29,900 shares in its portfolio. Tower Lc (Trc), a New York-based fund reported 599 shares. Penbrook Management Limited Liability Com reported 34,294 shares or 0.06% of all its holdings. Reilly Fincl Advsr Limited Liability Company accumulated 0% or 1,000 shares. Raymond James & Assoc reported 75,019 shares or 0% of all its holdings. Citigroup holds 0% of its portfolio in Legacy Reserves LP (NASDAQ:LGCY) for 1,530 shares. Moreover, Beacon Tru has 0.01% invested in Legacy Reserves LP (NASDAQ:LGCY) for 37,600 shares. Manufacturers Life Insur The, a Ontario – Canada-based fund reported 2,354 shares. Royal Fincl Bank Of Canada has 32,315 shares for 0% of their US portfolio. Citadel Advsr Ltd Liability Company last reported 0% of its portfolio in the stock. Ladenburg Thalmann Fincl Ser has 16,755 shares for 0% of their US portfolio. California Public Employees Retirement System has 0% invested in the company for 223,300 shares.

Another recent and important Legacy Reserves LP (NASDAQ:LGCY) news was published by Seekingalpha.com which published an article titled: “Major Concerns About Legacy Reserves LP” on June 27, 2016.

LGCY Company Profile

Legacy Reserves LP (Legacy), incorporated on October 26, 2005, is a master limited partnership company. The Firm is focused on the acquisition and development of oil and natural gas properties located in the Permian Basin, Rocky Mountain and Mid-Continent regions of the United States. The Firm has proved reserves of approximately 164.2 million barrels of crude oil equivalent (MMBoe), of which over 73% are natural gas, approximately 27% are oil and natural gas liquids (NGLs) and over 97% are classified as proved developed producing. The Firm has completed approximately 140 acquisitions of oil and natural gas properties. It owns interests in producing oil and natural gas properties in over 720 fields in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma and several other states, from approximately 12,200 gross productive wells of which over 4,540 are operated and approximately 7,660 are non-operated. The Company’s fields and regions include East Texas, Spraberry/War San, Piceance Basin, Lea, Texas Panhandle, Deep Rock, Shafter Lake, Jalmat, Winchester and Denton.

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