NEW YORK ( TheStreet) -- Legacy Reserves (Nasdaq: LGCY) hit a new 52-week high Thursday as it traded at $32.30 compared with its previous 52-Week high of $32.24. Legacy Reserves is changing hands at $32.25 with 82,268 shares traded as of 2:04 p.m. ET. Average volume has been 145,200 shares over the past 30 days.

Legacy Reserves has a market cap of $1.4 billion and is part of the basic materials sector and energy industry. Shares are up 10% year to date as of the close of trading on Wednesday.

Legacy Reserves LP, an independent oil and natural gas limited partnership, engages in the acquisition and development of oil and natural gas properties, primarily located in the Permian Basin, Mid-continent, and Rocky Mountain regions of the United States. The company has a P/E ratio of 117.9, equal to the average energy industry P/E ratio and above the S&P 500 P/E ratio of 16.8.
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TheStreet Ratings rates Legacy Reserves as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Legacy Reserves Ratings Report.

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