Legacy Reserves LP (NASDAQ:LGCY) rose 20.3% during trading on Thursday . The company traded as high as $1.42 and last traded at $1.42. Approximately 844,648 shares changed hands during trading, an increase of 244% from the average daily volume of 245,754 shares. The stock had previously closed at $1.18.

Separately, ValuEngine raised shares of Legacy Reserves from a “strong sell” rating to a “sell” rating in a report on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $1.88.

The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of -2.79. The company has a market capitalization of $87.43, a PE ratio of -0.67 and a beta of 2.48.

Institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. lifted its position in Legacy Reserves by 123.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 68,952 shares of the oil and gas producer’s stock valued at $101,000 after purchasing an additional 38,110 shares during the period. Valeo Financial Advisors LLC acquired a new position in Legacy Reserves during the 3rd quarter valued at about $430,000. Finally, RR Advisors LLC lifted its position in Legacy Reserves by 40.5% during the 3rd quarter. RR Advisors LLC now owns 850,000 shares of the oil and gas producer’s stock valued at $1,292,000 after purchasing an additional 245,000 shares during the period. Institutional investors own 20.21% of the company’s stock.

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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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