Legacy Reserves LP (LGCY) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector during morning trading on August 18. At the lunch break, shares of LGCY have gained 5.0% to $1.68 after closing the day prior at $1.6. In the first two and a half hours of trading, the stock has gone as high as $1.72 and as low as $1.62. Today's rise has come with about 296,398 shares changing hands, compared to an average 30-day volume of 551,722 for Legacy Reserves LP. The price is currently below the 30-day volume weighted average price of $1.67 for LGCY.
The share appreciation gives the company a market capitalization of $115.86 million based upon 72.41 million shares outstanding. It also means that LGCY has a price-to-book ratio of 0.51:1.
In the past 52 weeks, shares of LGCY have traded as low as $0.61 and as high as $7.05. Technical traders will take note that at $1.68, shares of LGCY are trading below their 200-day MA at $1.84 and below their 50-day MA at $1.82. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.
Who is LGCY?
Legacy Reserves LP is engaged in the acquisition and development of oil and natural gas properties located in the Permian Basin, Mid-continent, East Texas and Rocky Mountain regions of the United States. The company’s 379 employees are led by CEO Paul T. Horne from the corporate headquarters at 303 W. Wall Street in Midland, TX.
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Source: Financial Press News
(August 19, 2016 - 1:41 PM EDT)
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