Basic Materials Sector Feels Loss of 5.81% for Legacy Reserves LP (LGCY) in Early Trading on August 25

Legacy Reserves LP (LGCY) started the trading day on a down note, making it one of the worst performing stocks in the basic materials sector of NYSE and NASDAQ listed companies shortly after the opening bell on August 25. Shares of LGCY have fallen 5.81% about 30 minutes into the session to $1.46 after closing the day prior at $1.55. It’s early, but the stock has traded as high as $1.53 and as low as $1.43 so far. Today's quick decline has come with about 91,248 shares changing hands, compared to an average 30-day volume of 527,848 for Legacy Reserves LP. The price is currently below the 30-day volume weighted average price of $1.5 for LGCY.

The share depreciation gives the company a market capitalization of $112.24 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 $1.46, shares of LGCY are trading below their 200-day MA at $1.78 and below their 50-day MA at $1.75. 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 below them is typically regarded as bearish.

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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