Shares of Legacy Reserves Inc (NASDAQ:LGCY) dropped 15.5% on Wednesday . The stock traded as low as $1.37 and last traded at $1.42. Approximately 1,230,443 shares were traded during mid-day trading, an increase of 38% from the average daily volume of 890,636 shares. The stock had previously closed at $1.68.
LGCY has been the subject of several research analyst reports. ValuEngine lowered shares of Legacy Reserves from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Zacks Investment Research lowered shares of Legacy Reserves from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 21st. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Legacy Reserves presently has a consensus rating of “Sell”.
The company has a market cap of $184.15 million, a price-to-earnings ratio of -2.84 and a beta of 1.96.
In other Legacy Reserves news, major shareholder Baines Creek Capital, Llc purchased 110,000 shares of the firm’s stock in a transaction on Friday, December 14th. The stock was acquired at an average price of $1.51 per share, for a total transaction of $166,100.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders have acquired a total of 1,039,537 shares of company stock valued at $1,678,554 in the last 90 days. 40.60% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in Legacy Reserves during the 4th quarter valued at $60,000. GSA Capital Partners LLP bought a new stake in Legacy Reserves during the 3rd quarter valued at $210,000. AMP Capital Investors Ltd bought a new stake in Legacy Reserves during the 2nd quarter valued at $316,000. Wells Fargo & Company MN increased its stake in Legacy Reserves by 96.5% during 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 purchasing an additional 24,152 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Legacy Reserves by 2,449.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 50,979 shares of the oil and gas producer’s stock valued at $247,000 after purchasing an additional 48,979 shares in the last quarter. Institutional investors and hedge funds own 15.51% of the company’s stock.
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Legacy Reserves Company Profile (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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