Legacy Reserves (NASDAQ: LGCY) was upgraded by Zacks Investment Research from a “neutral” rating to an “outperform” rating in a research note issued on Tuesday.
Separately, analysts at Robert W. Baird upgraded shares of Legacy Reserves from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday, November 22nd. They now have a $31.00 price target on the stock. Analysts at Oppenheimer (NYSE: OPY) reiterated a “market perform” rating on shares of Legacy Reserves in a research note to investors on Thursday, November 10th. Also, analysts at Citigroup (NYSE: C) raised their price target on shares of Legacy Reserves to $34.00 in a research note to investors on Tuesday, November 8th.
Legacy Reserves LP (Legacy) is an independent oil and natural gas limited partnership, and is focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-continent and Rocky Mountain regions of the United States. The Company has two activities: the acquisition of producing oil and natural gas properties, and the development of producing properties. As of December 31, 2009, the Company had proved reserves of approximately 37.1 million barrels of oil equivalent (MMBoe), of which 72% were oil and natural gas liquids and 84% were classified as proved developed producing, 1% were proved developed non-producing, and 15% were proved undeveloped. On February 17, 2010, the Company acquired from St. Mary Land & Exploration Company (St. Mary) the working interests in 13 operated oil fields in the Big Horn and Wind River Basins in Wyoming.
Legacy Reserves traded up 0.07% on Tuesday, hitting $28.64. Legacy Reserves has a 1-year low of $22.00 and a 1-year high of $33.71. The stock has a 50-day moving average of $28.08 and a 200-day moving average of $27.6. The company has a market cap of $1.253 billion and a price-to-earnings ratio of 11.00.