Insider Buying: Legacy Reserves LP (NASDAQ:LGCY) Major Shareholder Acquires 91,024 Shares of Stock

Legacy Reserves LP (NASDAQ:LGCY) major shareholder Baines Creek Capital, Llc bought 91,024 shares of Legacy Reserves stock in a transaction dated Wednesday, May 2nd. The shares were acquired at an average cost of $5.71 per share, with a total value of $519,747.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Baines Creek Capital, Llc also recently made the following trade(s):

  • On Monday, April 30th, Baines Creek Capital, Llc bought 50,398 shares of Legacy Reserves stock. The shares were acquired at an average cost of $5.66 per share, with a total value of $285,252.68.
  • On Friday, April 27th, Baines Creek Capital, Llc acquired 54,717 shares of Legacy Reserves stock. The stock was purchased at an average cost of $5.33 per share, with a total value of $291,641.61.
  • On Wednesday, April 25th, Baines Creek Capital, Llc acquired 24,201 shares of Legacy Reserves stock. The stock was purchased at an average cost of $5.52 per share, with a total value of $133,589.52.
  • On Friday, April 13th, Baines Creek Capital, Llc acquired 103,930 shares of Legacy Reserves stock. The stock was purchased at an average cost of $5.12 per share, with a total value of $532,121.60.
  • On Monday, April 16th, Baines Creek Capital, Llc acquired 119,815 shares of Legacy Reserves stock. The stock was purchased at an average cost of $5.16 per share, with a total value of $618,245.40.
  • On Wednesday, April 11th, Baines Creek Capital, Llc acquired 10,950 shares of Legacy Reserves stock. The stock was purchased at an average cost of $5.05 per share, with a total value of $55,297.50.
  • On Monday, April 9th, Baines Creek Capital, Llc acquired 25,117 shares of Legacy Reserves stock. The stock was purchased at an average cost of $4.83 per share, with a total value of $121,315.11.
  • On Thursday, March 29th, Baines Creek Capital, Llc acquired 18,271 shares of Legacy Reserves stock. The stock was purchased at an average cost of $4.75 per share, with a total value of $86,787.25.
  • On Friday, March 23rd, Baines Creek Capital, Llc acquired 75,307 shares of Legacy Reserves stock. The stock was purchased at an average cost of $4.48 per share, with a total value of $337,375.36.
  • On Monday, March 26th, Baines Creek Capital, Llc bought 485,455 shares of Legacy Reserves stock. The stock was bought at an average price of $4.90 per share, with a total value of $2,378,729.50.

NASDAQ LGCY opened at $7.69 on Friday. The company has a debt-to-equity ratio of -3.01, a current ratio of 0.79 and a quick ratio of 0.79. Legacy Reserves LP has a twelve month low of $8.72 and a twelve month high of $9.31.

Legacy Reserves (NASDAQ:LGCY) last released its quarterly earnings results on Wednesday, February 21st. The oil and gas producer reported ($0.23) earnings per share for the quarter. The business had revenue of $137.09 million for the quarter. Legacy Reserves had a negative return on equity of 1.87% and a negative net margin of 1.24%.

Several analysts have issued reports on the company. ValuEngine cut Legacy Reserves from a “sell” rating to a “strong sell” rating in a report on Saturday, February 3rd. UBS upgraded Legacy Reserves from a “sell” rating to a “neutral” rating in a report on Monday. Finally, BidaskClub upgraded Legacy Reserves from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $1.00.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in shares of Legacy Reserves during the 4th quarter worth $110,000. Citigroup Inc. grew its holdings in shares of Legacy Reserves by 1,701.5% during the 1st quarter. Citigroup Inc. now owns 77,823 shares of the oil and gas producer’s stock worth $366,000 after purchasing an additional 73,503 shares during the period. Finally, X Square Capital LLC purchased a new position in shares of Legacy Reserves during the 1st quarter worth $587,000. Institutional investors and hedge funds own 20.64% of the company’s stock.

About Legacy Reserves

Legacy Reserves LP acquires and develops oil and natural gas properties primarily in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions of the United States. As of December 31, 2017, the company owned interests in producing oil and natural gas properties in 606 fields comprising 10,492 gross productive wells, including 3,497 operated and 6,995 non-operated wells located in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma, and other states.

Insider Buying and Selling by Quarter for Legacy Reserves (NASDAQ:LGCY)

Receive News & Ratings for Legacy Reserves Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legacy Reserves and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply