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Legacy Reserves Lp (LGCY) [hlAlert]

Rating:
Hold LGCY
up 34.77 %

Legacy Reserves Lp (LGCY) downgraded to Hold with price target $13.50 by Citigroup

Posted on: Tuesday,  May 26, 2009  9:25 AM ET by Citigroup

Citigroup rated Hold Legacy Reserves Lp (NASDAQ: LGCY) on 05/26/2009. Previously Citigroup rated Buy Legacy Reserves Lp (NASDAQ: LGCY) on 12/11/2008.,
when the stock price was $9.03. Since then, Legacy Reserves Lp has gained 34.77% as of 05/26/2009's recent price of $12.17.
If you would have followed the previous Citigroup's recommendation on LGCY, you would have gained 34.77% of your investment in 166 days.

Legacy Reserves LP (Legacy) is an independent oil and natural gas company focused on the acquisition and exploitation of oil and natural gas properties primarily located in the Permian Basin and Mid-continent regions of the United States. The Company has two activities: the acquisition of producing oil and natural gas properties, and the development of producing properties. As of December 31, 2008, the Company had proved reserves of approximately 30.8 million barrels of oil equivalent (MMBoe), of which 68% were oil and natural gas liquids and 89% were classified as proved developed producing, 2% were proved developed non-producing, and 9% were proved undeveloped. On October 1, 2008, the Company completed the acquisition of 100% membership interests of Pantwist, LLC from Cano Petroleum, Inc.

Citi Investment Research is a highly respected research unit and is comprised of 390 research analysts across 22 countries. Citi Investment Research covers 3,100 companies, representing 90 percent of the market capitalization of the major global indices, and provides macro and quantitative analysis of global markets and sector trends. Combined with Citi's exceptional sales and trading capabilities and Smith Barney's financial consultants, the core focus of the group is to help investing clients make informed decisions by providing value-added, independent, insightful analysis.
Stock Market Advice
Date/Time (ET)SymbolRatingTermPrice (*)Target
5/26/2009 9:25 AM Hold
None
12.17 13.50
as of 12/31/2009
1 Week   
1 Month   
3 Months   
1 YTD up  30.71 %
Previous Recommendations
Date/Time (ET)SymbolRatingTermPrice (*)Target
12/11/2008 8:25 AM Buy
None
9.03

(*) Stock Price at the time of the recommendation.
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