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Downgrade Alert for Legacy Reserves (LGCY)

By David Diaz

Legacy Reserves (NASDAQ:LGCY) was downgraded from Hold to Sell at Stifel today. The stock closed yesterday at $1.43 on volume of 856,000 shares, below average daily volume of 1.7 million.

Legacy Reserves acquires and explores for oil and natural gas properties in the United States.

In the past 52 weeks, shares of Legacy Reserves have traded between a low of $0.61 and a high of $12.85 and closed yesterday at $1.43, which is 134% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 11.2% while the 200-day MA has slid 3.7%.

Legacy Reserves has overhead space with shares priced $1.43, or 72.4% below the average consensus analyst price target of $5.19. The stock should find resistance at its 200-day moving average (MA) of $3.14, as well as support at its 50-day MA of $1.40.

SmarTrend recommended that its subscribers protect gains by selling shares of Legacy Reserves on May 3rd, 2016 by issuing a Downtrend alert when the shares were trading at $2.34. Since that call, shares of Legacy Reserves have fallen 31.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades legacy reserves

Ticker(s): LGCY