Baines Creek Capital, Llc Acquires 119,099 Shares of Legacy Reserves LP Unit (LGCY) Stock

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Legacy Reserves LP Unit (NASDAQ:LGCY) major shareholder Baines Creek Capital, Llc bought 119,099 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were purchased at an average cost of $4.51 per share, for a total transaction of $537,136.49. The transaction 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 stock are required to disclose their sales and purchases with the SEC.

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

  • On Monday, August 20th, Baines Creek Capital, Llc bought 59,995 shares of Legacy Reserves LP Unit stock. The shares were purchased at an average cost of $4.82 per share, for a total transaction of $289,175.90.
  • On Friday, June 22nd, Baines Creek Capital, Llc bought 59,949 shares of Legacy Reserves LP Unit stock. The shares were purchased at an average cost of $6.88 per share, for a total transaction of $412,449.12.
  • On Wednesday, June 20th, Baines Creek Capital, Llc bought 44,166 shares of Legacy Reserves LP Unit stock. The shares were purchased at an average cost of $6.76 per share, for a total transaction of $298,562.16.
  • On Friday, June 15th, Baines Creek Capital, Llc bought 74,076 shares of Legacy Reserves LP Unit stock. The shares were purchased at an average cost of $6.00 per share, for a total transaction of $444,456.00.
  • On Monday, June 18th, Baines Creek Capital, Llc bought 214,693 shares of Legacy Reserves LP Unit stock. The shares were purchased at an average cost of $6.18 per share, for a total transaction of $1,326,802.74.
  • On Thursday, May 24th, Baines Creek Capital, Llc bought 80,000 shares of Legacy Reserves LP Unit stock. The shares were purchased at an average cost of $5.56 per share, for a total transaction of $444,800.00.

NASDAQ:LGCY opened at $5.05 on Wednesday. Legacy Reserves LP Unit has a 52-week low of $1.07 and a 52-week high of $10.54. The company has a debt-to-equity ratio of -1.63, a current ratio of 0.17 and a quick ratio of 0.17.

Legacy Reserves LP Unit (NASDAQ:LGCY) last released its earnings results on Wednesday, August 1st. The oil and gas producer reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.17). The firm had revenue of $139.28 million for the quarter. Legacy Reserves LP Unit had a negative return on equity of 1.87% and a negative net margin of 8.74%.

A number of research analysts recently issued reports on the company. ValuEngine lowered Legacy Reserves LP Unit from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. BidaskClub raised Legacy Reserves LP Unit from a “strong sell” rating to a “sell” rating in a report on Thursday, August 2nd. Finally, UBS Group raised Legacy Reserves LP Unit from a “sell” rating to a “neutral” rating in a report on Monday, May 14th.

Institutional investors and hedge funds have recently modified their holdings of the stock. AMP Capital Investors Ltd purchased a new position in Legacy Reserves LP Unit in the 2nd quarter worth about $316,000. Citigroup Inc. increased its stake in Legacy Reserves LP Unit by 1,701.5% in the 1st quarter. Citigroup Inc. now owns 77,823 shares of the oil and gas producer’s stock worth $366,000 after purchasing an additional 73,503 shares in the last quarter. Navellier & Associates Inc purchased a new position in Legacy Reserves LP Unit in the 2nd quarter worth about $653,000. Cavalier Investments LLC purchased a new position in Legacy Reserves LP Unit in the 2nd quarter worth about $551,000. Finally, Raymond James & Associates increased its stake in Legacy Reserves LP Unit 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. 20.77% of the stock is currently owned by hedge funds and other institutional investors.

About Legacy Reserves LP Unit

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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