Legacy Reserves Inc (LGCY) Short Interest Update

Legacy Reserves Inc (NASDAQ:LGCY) was the target of a significant increase in short interest in October. As of October 31st, there was short interest totalling 1,098,917 shares, an increase of 114.9% from the October 15th total of 511,360 shares. Approximately 1.5% of the shares of the company are short sold. Based on an average daily volume of 462,019 shares, the days-to-cover ratio is currently 2.4 days.

In related news, Chairman Paul T. Horne sold 563,551 shares of Legacy Reserves stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $4.68, for a total transaction of $2,637,418.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Baines Creek Capital, Llc bought 10,650 shares of the stock in a transaction that occurred on Monday, September 10th. The shares were purchased at an average cost of $5.42 per share, for a total transaction of $57,723.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 733,010 shares of company stock worth $3,711,014 and have sold 1,524,115 shares worth $7,132,858. 40.60% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN increased its stake in Legacy Reserves by 96.5% in the 3rd quarter. Wells Fargo & Company MN now owns 49,178 shares of the oil and gas producer’s stock worth $239,000 after purchasing an additional 24,152 shares in the last quarter. Raymond James & Associates increased its stake in Legacy Reserves by 33.1% in the 2nd quarter. Raymond James & Associates now owns 103,886 shares of the oil and gas producer’s stock worth $717,000 after purchasing an additional 25,826 shares in the last quarter. AMP Capital Investors Ltd purchased a new position in Legacy Reserves in the 2nd quarter worth about $316,000. JPMorgan Chase & Co. increased its stake in Legacy Reserves by 2,449.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 50,979 shares of the oil and gas producer’s stock worth $247,000 after purchasing an additional 48,979 shares in the last quarter. Finally, Cavalier Investments LLC purchased a new position in Legacy Reserves in the 2nd quarter worth about $551,000. 21.24% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently issued reports on LGCY. Seaport Global Securities began coverage on Legacy Reserves in a report on Wednesday, September 19th. They set a “neutral” rating on the stock. BidaskClub lowered Legacy Reserves from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 8th. Finally, ValuEngine lowered Legacy Reserves from a “hold” rating to a “sell” rating in a report on Thursday, October 18th.

NASDAQ:LGCY opened at $3.42 on Friday. The stock has a market cap of $287.71 million, a P/E ratio of -6.84 and a beta of 1.87. Legacy Reserves has a 52-week low of $1.07 and a 52-week high of $10.54.

Legacy Reserves (NASDAQ:LGCY) last released its earnings results on Wednesday, October 31st. The oil and gas producer reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.69). The firm had revenue of $145.21 million for the quarter, compared to analyst estimates of $143.40 million. Legacy Reserves had a negative return on equity of 1.87% and a negative net margin of 10.64%. Analysts anticipate that Legacy Reserves will post -0.04 EPS for the current year.

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Legacy Reserves Company Profile

Legacy Reserves Inc, an independent energy company, engages in the acquisition, development, and production of oil and natural gas properties in the United States. Its operations focus on the horizontal development of unconventional plays in the Permian Basin and the management of shallow-decline oil and natural gas wells in the Permian Basin, East Texas, Rocky Mountain, and Mid-Continent regions.

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