FBR Capital Upgrades Legacy Reserves LP to Market Perform with Price Target $1.75

Brokerage firm FBR Capital Upgrades its rating on Legacy Reserves LP(NASDAQ:LGCY). In a research note issued to the investors, the brokerage major Lowers the price-target to $1.75 per share. The shares have been rated Market Perform. Previously, the analysts had a Underperform rating on the shares. The rating by FBR Capital was issued on Jul 6, 2016.

In a different note, On May 2, 2016, FBR Capital said it Downgrades its rating on Legacy Reserves LP. The shares have been rated ‘Underperform’ by the firm.

Legacy Reserves LP (LGCY) shares turned negative on Mondays trading session with the shares closing down -0.04 points or -2.35% at a volume of 2,81,192. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $1.74. The peak price level was also seen at $1.74 while the days lowest was $1.65. Finally the shares closed at $1.66. The 52-week high of the shares is $10.21 while the 52-week low is $0.61. According to the latest information available, the market cap of the company is $115 M.

Legacy Reserves LP(LGCY) last announced its earnings results on May 4, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $65.86M. Analysts had an estimated revenue of $83.91M. Earnings per share were $-0.43. Analysts had estimated an EPS of $-0.67.

Several Insider Transactions has been reported to the SEC. On Oct 2, 2015, Kyle D Vann (director) purchased 25,000 shares at $4.17 per share price.Also, On Aug 20, 2015, Kyle Hammond (COO) purchased 34,255 shares at $5.83 per share price.

Legacy Reserves LP (Legacy) is a master limited partnership Company. The Company focuses on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin Rocky Mountain and Mid-Continent regions of the United States. As of December 31 2014 the Company had proved reserves of approximately 139.0 Million Barrels of Oil Equivalent (MMBoe) of which 50% were oil and natural gas liquids (NGLs) and 89% were classified as proved developed producing 2% were proved developed non-producing and 9% were proved undeveloped. The Company’s proved reserves to production ratio were approximately 11.6 years based on the annualized production volumes. The Company completed 136 acquisitions of oil and natural gas properties for a total of approximately $2.1 billion.

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