Weakness Seen in Legacy Reserves (LGCY): Stock Tumbles 7.4%

Zacks Equity Research

Wed, Oct 8, 2014, 7:05 AM

Legacy Reserves LP (LGCY) saw a big move last session, as the company’s shares fell over 7% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for LGCY as the stock is now down nearly 15% since Sep 30.

The company which owned interests in producing oil and natural gas properties has seen a flat track record when it comes to current year estimate revisions over the past few weeks, and the consensus for earnings hasn’t been in a trend either. This recent price action is discouraging, so make sure to keep a close watch of this firm in the near future, and especially on earnings estimates following the recent slump.

LGCY currently has a Zacks Rank #3 (Hold) while its Earnings ESP is negative.

Some better-ranked stocks in the same sector include Abraxas Petroleum Corp. (AXAS), Athlon Energy Inc. (ATHL) and Black Ridge Oil & Gas, Inc (ANFC). All these stocks hold a Zacks Rank #2 (Buy).

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LEGACY RESERVES LP REP LTD PARTN (LGCY): Free Stock Analysis Report

ABRAXAS PETROLEUM CP (AXAS): Free Stock Analysis Report

ATHLON ENERGY INC (ATHL): Free Stock Analysis Report

BLACK RIDGE OIL GAS (ANFC): Free Stock Analysis Report

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Weakness Seen in Legacy Reserves (LGCY): Stock Tumbles 7.4%

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