Legacy Reserves LP (LGCY) Releases Earnings Results, Misses Estimates By $0.30 EPS
Legacy Reserves LP (NASDAQ:LGCY) announced its quarterly earnings data on Wednesday. The oil and gas producer reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.30), reports.
A number of brokerages have recently commented on LGCY. ValuEngine raised shares of Legacy Reserves from a “strong sell” rating to a “sell” rating in a research report on Monday, October 2nd. Zacks Investment Research raised shares of Legacy Reserves from a “sell” rating to a “hold” rating in a research report on Wednesday, August 9th. Finally, Stifel Nicolaus reissued a “sell” rating and issued a $1.00 price objective on shares of Legacy Reserves in a research report on Friday, July 14th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $1.88.
Legacy Reserves Company Profile
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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