Legacy Reserves LP (NASDAQ:LGCY) major shareholder Baines Creek Capital, Llc bought 92,976 shares of the stock in a transaction on Tuesday, January 9th. The shares were acquired at an average cost of $1.73 per share, for a total transaction of $160,848.48. Following the acquisition, the insider now directly owns 7,914,130 shares in the company, valued at $13,691,444.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.
Legacy Reserves LP (NASDAQ:LGCY) opened at $2.07 on Friday. The firm has a market cap of $150.81, a price-to-earnings ratio of -0.97 and a beta of 2.47. Legacy Reserves LP has a 1-year low of $1.07 and a 1-year high of $2.77. The company has a debt-to-equity ratio of -2.79, a current ratio of 0.71 and a quick ratio of 0.71.
Separately, ValuEngine raised shares of Legacy Reserves from a “strong sell” rating to a “sell” rating in a report on Thursday. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $1.88.
Several institutional investors have recently added to or reduced their stakes in LGCY. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Legacy Reserves by 123.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 68,952 shares of the oil and gas producer’s stock worth $101,000 after purchasing an additional 38,110 shares during the period. RR Advisors LLC increased its holdings in shares of Legacy Reserves by 40.5% in the third quarter. RR Advisors LLC now owns 850,000 shares of the oil and gas producer’s stock worth $1,292,000 after purchasing an additional 245,000 shares during the period. Finally, Valeo Financial Advisors LLC bought a new position in shares of Legacy Reserves in the third quarter worth $430,000. 20.21% of the stock is currently owned by hedge funds and other institutional investors.
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About Legacy Reserves
Legacy Reserves LP (Legacy) is a master limited partnership company. The Company focuses on the acquisition and development of oil and natural gas properties located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. As of December 31, 2016, the Company had proved reserves of approximately 144.8 million barrels of crude oil equivalent (MMBoe), of which 72% were natural gas, 28% were oil and natural gas liquids (NGLs) and 94% were classified as proved developed producing.
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