Legacy Reserves LP (LGCY) Major Shareholder Baines Creek Capital, Llc Buys 526,000 Shares

Legacy Reserves LP (NASDAQ:LGCY) major shareholder Baines Creek Capital, Llc bought 526,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was bought at an average price of $2.27 per share, for a total transaction of $1,194,020.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Baines Creek Capital, Llc also recently made the following trade(s):

  • On Friday, February 2nd, Baines Creek Capital, Llc bought 150,000 shares of Legacy Reserves stock. The stock was bought at an average price of $2.28 per share, for a total transaction of $342,000.00.
  • On Wednesday, January 31st, Baines Creek Capital, Llc bought 275,000 shares of Legacy Reserves stock. The stock was bought at an average price of $2.39 per share, for a total transaction of $657,250.00.
  • On Monday, January 29th, Baines Creek Capital, Llc bought 100,000 shares of Legacy Reserves stock. The stock was bought at an average price of $2.49 per share, for a total transaction of $249,000.00.
  • On Friday, January 26th, Baines Creek Capital, Llc purchased 158,953 shares of Legacy Reserves stock. The stock was acquired at an average cost of $2.51 per share, for a total transaction of $398,972.03.
  • On Wednesday, January 24th, Baines Creek Capital, Llc purchased 141,986 shares of Legacy Reserves stock. The stock was acquired at an average cost of $2.31 per share, for a total transaction of $327,987.66.
  • On Monday, January 22nd, Baines Creek Capital, Llc purchased 121,641 shares of Legacy Reserves stock. The stock was acquired at an average cost of $2.23 per share, for a total transaction of $271,259.43.
  • On Friday, January 19th, Baines Creek Capital, Llc purchased 69,636 shares of Legacy Reserves stock. The stock was acquired at an average cost of $2.10 per share, for a total transaction of $146,235.60.
  • On Tuesday, January 16th, Baines Creek Capital, Llc purchased 161,000 shares of Legacy Reserves stock. The stock was acquired at an average cost of $2.09 per share, for a total transaction of $336,490.00.
  • On Tuesday, January 9th, Baines Creek Capital, Llc purchased 92,976 shares of Legacy Reserves stock. The stock was acquired at an average cost of $1.73 per share, for a total transaction of $160,848.48.

Shares of Legacy Reserves LP (LGCY) opened at $2.21 on Friday. Legacy Reserves LP has a 12-month low of $1.07 and a 12-month high of $2.60. The company has a debt-to-equity ratio of -2.79, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market cap of $161.01, a P/E ratio of -1.04 and a beta of 2.85.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. raised its position in shares of Legacy Reserves by 123.6% in the second 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 bought a new stake in shares of Legacy Reserves in the third quarter valued at approximately $430,000. Finally, RR Advisors LLC raised its position in shares of Legacy Reserves by 40.5% in the third 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. 20.18% of the stock is currently owned by institutional investors.

Separately, ValuEngine lowered shares of Legacy Reserves from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 14th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Legacy Reserves currently has an average rating of “Hold” and an average price target of $1.88.

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About Legacy Reserves

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.

Insider Buying and Selling by Quarter for Legacy Reserves (NASDAQ:LGCY)

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