Legacy Reserves LP (NASDAQ:LGCY) was downgraded by FBR & Co. from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, The Fly reports. They currently have a $3.00 target price on the stock. FBR & Co.’s target price points to a potential upside of 160.87% from the stock’s current price.

Legacy Reserves (NASDAQ:LGCY) traded up 4.1304% during mid-day trading on Wednesday, reaching $1.1975. The company had a trading volume of 73,397 shares. The firm’s market capitalization is $83.23 million. The stock’s 50-day moving average price is $1.39 and its 200 day moving average price is $4.39. Legacy Reserves has a 52 week low of $1.00 and a 52 week high of $15.55.

Legacy Reserves (NASDAQ:LGCY) last announced its earnings results on Thursday, November 5th. The company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by $1.16. The business earned $89.50 million during the quarter, compared to analyst estimates of $102.02 million. During the same quarter in the previous year, the business earned $1.02 earnings per share. The company’s quarterly revenue was down 40.2% on a year-over-year basis. On average, equities research analysts predict that Legacy Reserves will post ($5.73) EPS for the current year.

Several other analysts have also recently issued reports on LGCY. Barclays dropped their target price on Legacy Reserves from $9.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 30th. Wunderlich cut Legacy Reserves from a “buy” rating to a “hold” rating and dropped their target price for the company from $13.00 to $6.00 in a research report on Wednesday, October 14th. Bank of America cut Legacy Reserves from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $12.00 to $4.00 in a research report on Wednesday, October 21st. Zacks Investment Research raised Legacy Reserves from a “sell” rating to a “hold” rating in a research report on Monday, November 9th. Finally, Stifel Nicolaus cut Legacy Reserves from a “buy” rating to a “hold” rating in a research report on Monday, December 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. Legacy Reserves has a consensus rating of “Hold” and an average target price of $8.33.

Legacy Reserves LP (NASDAQ:LGCY) is a master limited partnership Company. The Company focuses on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Rocky Mountain and Mid-Continent regions of the United States. As of December 31, 2014, the Company had proved reserves of approximately 139.0 Million Barrels of Oil Equivalent (MMBoe), of which 50% were oil and natural gas liquids (NGLs) and 89% were classified as proved developed producing, 2% were proved developed non-producing and 9% were proved undeveloped. The Company’s proved reserves to production ratio were approximately 11.6 years based on the annualized production volumes. The Company completed 136 acquisitions of oil and natural gas properties for a total of approximately $2.1 billion.

12 Month Chart for NASDAQ:LGCY

The Fly

Frustrated with your broker? Are you tired of paying high fees? Do you feel like you are getting ripped off by your stock broker? It's time for a change. Find out which brokerage is best for your personal trading style at the InvestorPlace Broker Center. Compare brokers at a glance in the InvestorPlace Broker Center (Click Here).

Receive News & Ratings for Legacy Reserves LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legacy Reserves LP and related companies with MarketBeat.com's FREE daily email newsletter.