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Legacy Reserves(LGCY - Get Report) is an independent oil and natural gas company focused on the acquisition and development of properties located in the Permian Basin, Midcontinent and Rocky Mountain regions.
During the third quarter, production was up 3% to 9,804 barrel of equivalent (Boe) per day from 9.516 Boe per day in the second quarter due to acquisitions, operational improvements and increased development drilling, the company said. "Our current backlog of potential acquisitions is sizeable, and we feel confident about our ability to grow through acquisitions," commented Cary D. Brown, chairman and CEO of Legacy Reserves.
Analysts polled by
Bloomberg expect the company to report earnings per share of $1.02 for 2010 and $1.46 for 2011, a significant turnaround from the company's loss per share of $2.89 in 2009.
Of the seven analysts covering the stock, six recommend buying it and one advises selling it. Over the past year, the stock has surged 61.1%, while its peers have gained around 54.8%.