Is Buying 52-Week Stock Like Legacy Reserves LP (LGCY) a Winning Strategy?

May 16, 2018 - By Dolores Ford

Investors sentiment increased to 0.67 in 2017 Q4. Its up 0.14, from 0.53 in 2017Q3. It increased, as 8 investors sold Legacy Reserves LP shares while 10 reduced holdings. 6 funds opened positions while 6 raised stakes. 15.76 million shares or 11.47% more from 14.14 million shares in 2017Q3 were reported.
Susquehanna Limited Liability Partnership reported 0% in Legacy Reserves LP (NASDAQ:LGCY). Credit Suisse Ag owns 2.00M shares. Virtu Limited Liability Company holds 68,541 shares or 0.01% of its portfolio. California Employees Retirement holds 190,500 shares or 0% of its portfolio. 729 were accumulated by Manufacturers Life Insur The. Fir Tree L P reported 3.80M shares. Wells Fargo & Mn holds 0% in Legacy Reserves LP (NASDAQ:LGCY) or 18,382 shares. Morgan Stanley stated it has 0% in Legacy Reserves LP (NASDAQ:LGCY). Deutsche Savings Bank Ag reported 8 shares. San Francisco Sentry Invest Grp Incorporated (Ca) reported 660 shares. Tower Research Ltd Liability Co (Trc) holds 10,029 shares or 0% of its portfolio. Savings Bank Of America Corp De accumulated 27,418 shares. Regions Corp holds 0% of its portfolio in Legacy Reserves LP (NASDAQ:LGCY) for 3,657 shares. Hodges Capital Mgmt invested 0% of its portfolio in Legacy Reserves LP (NASDAQ:LGCY). 4,000 were reported by First Manhattan Company.

Since January 10, 2018, it had 21 buys, and 0 insider sales for $16.13 million activity.

The stock of Legacy Reserves LP (NASDAQ:LGCY) hit a new 52-week high and has $9.94 target or 6.00 % above today’s $9.38 share price. The 8 months bullish chart indicates low risk for the $721.40M company. The 1-year high was reported on May, 16 by Barchart.com. If the $9.94 price target is reached, the company will be worth $43.28M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock.

The stock increased 7.96% or $0.6918 during the last trading session, reaching $9.3818. About 859,605 shares traded or 34.75% up from the average. Legacy Reserves LP (NASDAQ:LGCY) has risen 149.47% since May 16, 2017 and is uptrending. It has outperformed by 137.92% the S&P500.

More news for Legacy Reserves LP (NASDAQ:LGCY) were recently published by: Seekingalpha.com, which released: “Legacy Reserves +3% after strong Q1 results” on May 02, 2018. Seekingalpha.com‘s article titled: “Legacy Reserves’ (LGCY) CEO Paul Horne on Q1 2018 Results – Earnings Call Transcript” and published on May 05, 2018 is yet another important article.

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. The company has market cap of $721.40 million. As of December 31, 2016, the firm owned interests in producing oil and natural gas properties in 627 fields comprising 10,775 gross productive wells, including 3,799 operated and 6,976 non-operated wells located in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma, and other states. It currently has negative earnings. It had proved reserves of approximately 144.8 million barrels of crude oil equivalent.

Legacy Reserves LP (NASDAQ:LGCY) Institutional Positions Chart

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