Legacy Reserves (LGCY) Trading Up 0% on Insider Buying Activity

Legacy Reserves LP (NASDAQ:LGCY) was up 0% during mid-day trading on Tuesday following insider buying activity. The company traded as high as $2.57 and last traded at $2.29. Approximately 333,700 shares were traded during trading, a decline of 27% from the average daily volume of 458,531 shares. The stock had previously closed at $2.29.

Specifically, major shareholder Baines Creek Capital, Llc purchased 92,976 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The shares were purchased at an average price of $1.73 per share, with a total value of $160,848.48. Following the purchase, the insider now owns 7,914,130 shares of the company’s stock, valued at approximately $13,691,444.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased a total of 2,610,868 shares of company stock worth $5,985,774 in the last three months. 26.70% of the stock is currently owned by company insiders.

Separately, ValuEngine cut Legacy Reserves from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 14th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $1.88.

The stock has a market capitalization of $186.51, a P/E ratio of -1.20 and a beta of 2.85. The company has a debt-to-equity ratio of -2.79, a current ratio of 0.71 and a quick ratio of 0.71.

A number of institutional investors and hedge funds have recently modified their holdings of LGCY. Raymond James Financial Services Advisors Inc. increased its stake in Legacy Reserves by 123.6% in the 2nd 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 in the last quarter. RR Advisors LLC grew its stake 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 acquiring an additional 245,000 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in Legacy Reserves during the 3rd quarter valued at about $430,000. Finally, Virtu Financial LLC purchased a new position in Legacy Reserves during the 4th quarter valued at about $110,000. 16.54% of the stock is currently owned by hedge funds and other institutional investors.

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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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