July 26, 2016 - 7:08 PM EDT
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Midday Update: Legacy Reserves LP (LGCY) Charges Ahead 1.22% on July 26

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 July 26. At the lunch break, shares of LGCY have gained 1.22% to $1.66 after closing the day prior at $1.64. In the first two and a half hours of trading, the stock has gone as high as $1.69 and as low as $1.61. Today's rise has come with about 73,548 shares changing hands, compared to an average 30-day volume of 605,884 for Legacy Reserves LP. The price is currently below the 30-day volume weighted average price of $1.66 for LGCY. The share appreciation gives the company a market capitalization of $114.0 million based upon 69.51 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 $9.24. Technical traders will take note that at $1.66, shares of LGCY are trading below their 200-day MA at $2.07 and below their 50-day MA at $2.09. 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. For more information on LGCY and other companies trading on the major exchanges, as well as the over the counter markets, or to be considered for contributing content for our distribution network, visit FinancialPress.com today. All data provided by QuoteMedia, with stock data accurate as of 12:00 PM ET. FinancialPress.com is not responsible for inaccuracies in third-party supplied information. About FinancialPress.com FinancialPress.com is a leading publisher of market and investment news, commentary, proprietary research and videos from seasoned journalists, analysts and contributors covering the financial markets and global economies. Leveraging our extensive distribution network and social media presence, we have cultivated a valuable audience of engaged market enthusiasts, which in turn delivers a variety of unique opportunities for industry partnerships, corporate communications, market exposure and investment. A complete disclaimer can be viewed here.

Source: Financial Press News (July 26, 2016 - 7:08 PM EDT)

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