Legacy Reserves LP (LGCY) Receives Price Target

Legacy Reserves LP (LGCY) : Currently there are 3 street experts covering Legacy Reserves LP (LGCY) stock. The most bullish and bearish price target for the stock is $3 and $1 respectively for the short term. The average price target of all the analysts comes to $1.75. The estimated standard deviation from the target is $0.75.

Legacy Reserves LP (LGCY) has an average broker rating of 3.5, which is interpreted as a Hold, as rated by 6 equity analysts. Nevertheless, the majority of 4 analysts consider that the stock is a Hold with neither a large upside nor a downside. Ranking by Zacks Investment Research for Coach Inc is 3, which is also a Hold. 1 brokerage firm advices Strong Sell on the share due to lack of confidence about the future of the company. 1 considers that the stock is a Sell.


Also, Equity Analysts at the FBR Capital upgrades the rating on Legacy Reserves LP (NASDAQ:LGCY). The brokerage firm has issued a Market Perform rating on the shares. The shares were previously rated Underperform. The Analysts at the ratings agency lowers the price target from $2 per share to $1.75 per share. The rating by the firm was issued on July 6, 2016.

Legacy Reserves LP (NASDAQ:LGCY): During Thursdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $1.27 and $1.25 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $1.37. The buying momentum continued till the end and the stock did not give up its gains. It closed at $1.37, notching a gain of 7.87% for the day. The total traded volume was 505,964 . The stock had closed at $1.27 on the previous day.

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 Companys 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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