Legacy Reserves Target of Unusually Large Options Trading (LGCY)

Legacy Reserves LP (NASDAQ:LGCY) was the target of some unusual options trading activity on Thursday. Stock traders bought 3,042 put options on the stock. This is an increase of 1,476% compared to the average daily volume of 193 put options.

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

Shares of Legacy Reserves stock opened at $7.69 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of -3.01. Legacy Reserves has a 52 week low of $8.72 and a 52 week high of $9.31.

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

In other news, major shareholder Baines Creek Capital, Llc purchased 112,154 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was acquired at an average cost of $2.81 per share, with a total value of $315,152.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have acquired 3,490,150 shares of company stock valued at $14,359,611. Insiders own 40.60% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of LGCY. X Square Capital LLC purchased a new position in Legacy Reserves during the 1st quarter worth approximately $587,000. Citigroup Inc. raised its position in 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 buying an additional 73,503 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Legacy Reserves during the 4th quarter worth approximately $110,000. 20.64% of the stock is owned by institutional investors.

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.

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