Millennium Management LLC lifted its position in shares of Legacy Reserves Inc (NASDAQ:LGCY) by 225.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 106,540 shares of the oil and gas producer’s stock after purchasing an additional 73,815 shares during the period. Millennium Management LLC’s holdings in Legacy Reserves were worth $164,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LGCY. Caz Investments LP bought a new stake in Legacy Reserves in the 4th quarter valued at $31,000. Two Sigma Advisers LP bought a new stake in Legacy Reserves in the 4th quarter valued at $43,000. Barclays PLC increased its holdings in Legacy Reserves by 1,697.5% in the 4th quarter. Barclays PLC now owns 35,897 shares of the oil and gas producer’s stock valued at $55,000 after acquiring an additional 33,900 shares during the last quarter. Virtu Financial LLC bought a new stake in Legacy Reserves in the 4th quarter valued at $60,000. Finally, VisionPoint Advisory Group LLC bought a new stake in Legacy Reserves in the 4th quarter valued at $102,000. Institutional investors own 39.38% of the company’s stock.
In other Legacy Reserves news, major shareholder Baines Creek Capital, Llc bought 252,514 shares of Legacy Reserves stock in a transaction dated Wednesday, March 27th. The shares were purchased at an average cost of $0.50 per share, for a total transaction of $126,257.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders bought 1,274,651 shares of company stock worth $972,698. Insiders own 40.60% of the company’s stock.
Legacy Reserves (NASDAQ:LGCY) last posted its earnings results on Monday, March 18th. The oil and gas producer reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). Legacy Reserves had a negative return on equity of 3.66% and a negative net margin of 18.46%. The business had revenue of $132.89 million during the quarter, compared to the consensus estimate of $146.80 million. On average, research analysts anticipate that Legacy Reserves Inc will post -0.28 earnings per share for the current year.
LGCY has been the topic of a number of research reports. TheStreet upgraded shares of Legacy Reserves from a “d+” rating to a “c” rating in a report on Tuesday, March 19th. Zacks Investment Research upgraded shares of Legacy Reserves from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 12th. Finally, ValuEngine upgraded shares of Legacy Reserves from a “sell” rating to a “hold” rating in a report on Thursday, March 14th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. The stock currently has an average rating of “Hold”.
WARNING: “Millennium Management LLC Has $164,000 Position in Legacy Reserves Inc (LGCY)” was originally reported by Week Herald and is the property of of Week Herald. If you are reading this news story on another domain, it was illegally stolen and republished in violation of United States & international copyright and trademark legislation. The original version of this news story can be viewed at https://weekherald.com/2019/05/16/millennium-management-llc-has-164000-position-in-legacy-reserves-inc-lgcy.html.
About Legacy Reserves
Legacy Reserves Inc, an independent energy company, engages in the acquisition, development, and production of oil and natural gas properties in the United States. It focuses on the horizontal development of unconventional plays in the Permian Basin and the management of shallow-decline oil and natural gas wells in the regions of Permian Basin, East Texas, Rocky Mountain, and Mid-Continent.
Featured Story: What is a short straddle?
Want to see what other hedge funds are holding LGCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Legacy Reserves Inc (NASDAQ:LGCY).
Receive News & Ratings for Legacy Reserves Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legacy Reserves and related companies with MarketBeat.com's FREE daily email newsletter.