|Bid||0.00 x 1000|
|Ask||0.00 x 3100|
|Day's Range||0.04 - 0.05|
|52 Week Range||0.01 - 5.86|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Legacy Reserves Inc. (Nasdaq: LGCY) and a network of subsidiaries filed for Chapter 11 bankruptcy protection in the Southern District of Texas’ bankruptcy court, which is based in Houston, on June 18, according to court documents. Legacy Reserves employed 337 people at the end of 2018, some of whom work at the company’s office in The Woodlands, according to the company’s most recent annual report. Legacy Reserves intends to continue operating as usual through the bankruptcy process and has received a commitment for $350 million in debtor-in-possession, according to a company press release.
Rating Action: Moody's downgrades Legacy's PDR to D-PD on bankruptcy filing. Global Credit Research- 19 Jun 2019. New York, June 19, 2019-- Moody's Investors Service downgraded Legacy Reserves LP's Probability ...
Legacy Reserves Inc (NASDAQ: LGCY) has made a Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas. Legacy Reserves has received $350 million in debtor-in-possession financing that, subject to court approval, will refinance portions of its existing credit facility.
This most-searched list is a feature included in Benzinga Pro's Newsfeed tool. It highlights stocks frequently searched by Benzinga Pro users on the platform. ArQule, Inc. (NASDAQ: ARQL ) shares were up ...
Legacy Reserves Inc.'s stock plunged 42% in active premarket trade Tuesday, after the oil and gas company said it expects to file for bankruptcy, in an effort to facilitate the implementation of a restructuring agreement with its lenders. Trading volume topped 3 million shares ahead of the open. The agreement will provide for a de-leveraging of its capital structure by over $900 million, including an equity capital infusion of at least $200 million; and payment in full of its other secured creditors, tax and other claimants, trade creditors and employees. The company said it will continue to operate its business without material disruption. "We explored a wide variety of alternatives to address our balance sheet and looming bank maturity during a sustained downturn in oil and gas prices," said Chief Executive Dan Westcott. "After concluding this broad process, we believe that the financial restructuring negotiated with our creditors provides the best path forward for the company." The stock has plummeted 83% year to date through Monday, while the SPDR Energy Select Sector ETF has gained 7.2% and the S&P 500 has advanced 15%.
U.S. shale producers last year again spent more money than they collected, extending a years-long streak of putting oil output above cash flow and investor returns, according to a Reuters analysis of top independent producers. Total overspending by the group was $6.69 billion in 2018, according to Morningstar data provided to Reuters by the Sightline Institute and the Institute for Energy Economics and Financial Analysis. While total overspending was down slightly from a year earlier, stock prices in the sector have slid at a time when U.S. share prices in general have posted strong gains.
Legacy Reserves LP is an upstream limited partnership which acquires and exploits oil and natural gas properties located in the Permian Basin, Mid-continent, East Texas and Rocky Mountain regions of the United States. Warning! GuruFocus has detected 6 Warning Signs with LGCY. For the last quarter Legacy Reserves Inc reported a revenue of $132.9 million, compared with the revenue of $137.1 million during the same period a year ago.
Investors need to pay close attention to Legacy Reserves (LGCY) stock based on the movements in the options market lately.
Concurrently, Moody's affirmed Legacy's SGL-4 Speculative Grade Liquidity Rating. The downgrade of Legacy's ratings to Caa3 reflects the company's weak liquidity, high leverage and significant debt refinancing risk. Legacy has cumulatively repurchased or exchanged a significant amount of its senior notes since 2015, but the company's debt balances remain high and now have a significant amount of secured debt in the capital structure.
Most investors tend to think that hedge funds and other asset managers are worthless, as they cannot beat even simple index fund portfolios. In fact, most people expect hedge funds to compete with and outperform the bull market that we have witnessed over the past few years. However, hedge funds are generally partially hedged and […]
American Midstream Partners (AMID), a midstream MLP involved in natural gas gathering, processing, and compression, was the lowest-performing MLP in the week ended July 27. AMID stock plunged 41.1% last week. It saw a sharp correction following its announcement of a capital allocation strategy, which includes the sale of non-core assets and a distribution cut.
Legacy Reserves (LGCY), an upstream MLP, is eighth among MLPs in terms of EBITDA growth. Wall Street analysts expect the partnership to post 61.6% YoY (year-over-year) EBITDA growth in the second quarter of 2018. Its strong YoY EBITDA growth is expected to be driven by higher production and higher average realized sales prices due to gains in the price of crude oil.