Intrinsic value of Legacy Reserves Inc. - LGCY

Previous Close

$0.15

  Intrinsic Value

$9.81

stock screener

  Rating & Target

str. buy

+999%

Previous close

$0.15

 
Intrinsic value

$9.81

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of LGCY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  35.90
  32.81
  30.03
  27.53
  25.27
  23.25
  21.42
  19.78
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
Revenue, $m
  593
  787
  1,023
  1,305
  1,635
  2,015
  2,446
  2,930
  3,466
  4,055
  4,694
  5,384
  6,123
  6,910
  7,744
  8,624
  9,549
  10,519
  11,533
  12,591
  13,693
  14,841
  16,035
  17,275
  18,565
  19,905
  21,298
  22,745
  24,250
  25,816
Variable operating expenses, $m
  151
  201
  261
  333
  417
  513
  623
  747
  883
  1,033
  1,196
  1,372
  1,560
  1,761
  1,973
  2,197
  2,433
  2,680
  2,938
  3,208
  3,489
  3,781
  4,085
  4,401
  4,730
  5,071
  5,426
  5,795
  6,178
  6,577
Fixed operating expenses, $m
  333
  341
  348
  356
  363
  371
  380
  388
  397
  405
  414
  423
  433
  442
  452
  462
  472
  482
  493
  504
  515
  526
  538
  550
  562
  574
  587
  600
  613
  626
Total operating expenses, $m
  484
  542
  609
  689
  780
  884
  1,003
  1,135
  1,280
  1,438
  1,610
  1,795
  1,993
  2,203
  2,425
  2,659
  2,905
  3,162
  3,431
  3,712
  4,004
  4,307
  4,623
  4,951
  5,292
  5,645
  6,013
  6,395
  6,791
  7,203
Operating income, $m
  108
  246
  414
  617
  855
  1,130
  1,443
  1,796
  2,187
  2,616
  3,084
  3,589
  4,131
  4,708
  5,319
  5,965
  6,644
  7,357
  8,102
  8,879
  9,690
  10,534
  11,412
  12,325
  13,273
  14,260
  15,285
  16,351
  17,459
  18,612
EBITDA, $m
  281
  475
  713
  997
  1,331
  1,717
  2,157
  2,650
  3,198
  3,799
  4,453
  5,159
  5,916
  6,723
  7,578
  8,480
  9,429
  10,424
  11,464
  12,551
  13,683
  14,861
  16,087
  17,362
  18,687
  20,064
  21,495
  22,983
  24,531
  26,140
Interest expense (income), $m
  0
  96
  100
  143
  194
  256
  328
  411
  506
  612
  729
  858
  998
  1,149
  1,310
  1,483
  1,665
  1,858
  2,060
  2,272
  2,494
  2,726
  2,967
  3,218
  3,479
  3,751
  4,033
  4,326
  4,631
  4,948
  5,277
Earnings before tax, $m
  13
  146
  272
  422
  599
  802
  1,032
  1,290
  1,575
  1,887
  2,227
  2,592
  2,982
  3,397
  3,837
  4,300
  4,787
  5,297
  5,829
  6,385
  6,964
  7,567
  8,194
  8,845
  9,523
  10,227
  10,959
  11,720
  12,511
  13,335
Tax expense, $m
  3
  39
  73
  114
  162
  216
  279
  348
  425
  510
  601
  700
  805
  917
  1,036
  1,161
  1,292
  1,430
  1,574
  1,724
  1,880
  2,043
  2,212
  2,388
  2,571
  2,761
  2,959
  3,164
  3,378
  3,601
Net income, $m
  9
  106
  199
  308
  437
  585
  753
  942
  1,150
  1,378
  1,625
  1,892
  2,177
  2,480
  2,801
  3,139
  3,494
  3,867
  4,255
  4,661
  5,084
  5,524
  5,981
  6,457
  6,952
  7,466
  8,000
  8,555
  9,133
  9,735

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,029
  2,695
  3,504
  4,469
  5,598
  6,900
  8,378
  10,035
  11,871
  13,886
  16,076
  18,439
  20,970
  23,666
  26,522
  29,535
  32,703
  36,024
  39,495
  43,119
  46,895
  50,825
  54,913
  59,162
  63,579
  68,168
  72,937
  77,895
  83,049
  88,410
Adjusted assets (=assets-cash), $m
  2,029
  2,695
  3,504
  4,469
  5,598
  6,900
  8,378
  10,035
  11,871
  13,886
  16,076
  18,439
  20,970
  23,666
  26,522
  29,535
  32,703
  36,024
  39,495
  43,119
  46,895
  50,825
  54,913
  59,162
  63,579
  68,168
  72,937
  77,895
  83,049
  88,410
Revenue / Adjusted assets
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
Average production assets, $m
  1,728
  2,295
  2,984
  3,805
  4,767
  5,875
  7,133
  8,544
  10,108
  11,823
  13,688
  15,700
  17,855
  20,151
  22,583
  25,148
  27,846
  30,673
  33,629
  36,714
  39,929
  43,276
  46,757
  50,375
  54,135
  58,043
  62,104
  66,325
  70,714
  75,279
Working capital, $m
  -46
  -61
  -79
  -100
  -126
  -155
  -188
  -226
  -267
  -312
  -361
  -415
  -471
  -532
  -596
  -664
  -735
  -810
  -888
  -969
  -1,054
  -1,143
  -1,235
  -1,330
  -1,429
  -1,533
  -1,640
  -1,751
  -1,867
  -1,988
Total debt, $m
  1,408
  2,007
  2,736
  3,604
  4,620
  5,792
  7,122
  8,613
  10,266
  12,079
  14,051
  16,177
  18,455
  20,881
  23,452
  26,164
  29,015
  32,003
  35,128
  38,389
  41,787
  45,324
  49,003
  52,828
  56,803
  60,933
  65,225
  69,687
  74,326
  79,151
Total liabilities, $m
  1,826
  2,425
  3,154
  4,022
  5,038
  6,210
  7,540
  9,031
  10,684
  12,497
  14,469
  16,595
  18,873
  21,299
  23,870
  26,582
  29,433
  32,421
  35,546
  38,807
  42,205
  45,742
  49,421
  53,246
  57,221
  61,351
  65,643
  70,105
  74,744
  79,569
Total equity, $m
  203
  269
  350
  447
  560
  690
  838
  1,003
  1,187
  1,389
  1,608
  1,844
  2,097
  2,367
  2,652
  2,954
  3,270
  3,602
  3,950
  4,312
  4,689
  5,082
  5,491
  5,916
  6,358
  6,817
  7,294
  7,789
  8,305
  8,841
Total liabilities and equity, $m
  2,029
  2,694
  3,504
  4,469
  5,598
  6,900
  8,378
  10,034
  11,871
  13,886
  16,077
  18,439
  20,970
  23,666
  26,522
  29,536
  32,703
  36,023
  39,496
  43,119
  46,894
  50,824
  54,912
  59,162
  63,579
  68,168
  72,937
  77,894
  83,049
  88,410
Debt-to-equity ratio
  6.940
  7.450
  7.810
  8.060
  8.250
  8.390
  8.500
  8.580
  8.650
  8.700
  8.740
  8.770
  8.800
  8.820
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
  8.950
  8.950
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  106
  199
  308
  437
  585
  753
  942
  1,150
  1,378
  1,625
  1,892
  2,177
  2,480
  2,801
  3,139
  3,494
  3,867
  4,255
  4,661
  5,084
  5,524
  5,981
  6,457
  6,952
  7,466
  8,000
  8,555
  9,133
  9,735
Depreciation, amort., depletion, $m
  173
  230
  298
  381
  477
  588
  713
  855
  1,011
  1,182
  1,369
  1,570
  1,786
  2,015
  2,258
  2,515
  2,785
  3,067
  3,363
  3,671
  3,993
  4,328
  4,676
  5,037
  5,414
  5,804
  6,210
  6,633
  7,071
  7,528
Funds from operations, $m
  182
  336
  497
  689
  914
  1,173
  1,467
  1,796
  2,161
  2,560
  2,994
  3,462
  3,962
  4,495
  5,059
  5,654
  6,279
  6,934
  7,618
  8,333
  9,077
  9,851
  10,657
  11,495
  12,365
  13,270
  14,210
  15,188
  16,205
  17,263
Change in working capital, $m
  -12
  -15
  -18
  -22
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -64
  -68
  -71
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -111
  -116
  -121
Cash from operations, $m
  194
  351
  515
  711
  939
  1,202
  1,500
  1,833
  2,202
  2,606
  3,043
  3,515
  4,019
  4,556
  5,123
  5,722
  6,350
  7,008
  7,696
  8,414
  9,162
  9,940
  10,749
  11,590
  12,464
  13,373
  14,317
  15,299
  16,321
  17,383
Maintenance CAPEX, $m
  -127
  -173
  -229
  -298
  -381
  -477
  -587
  -713
  -854
  -1,011
  -1,182
  -1,369
  -1,570
  -1,786
  -2,015
  -2,258
  -2,515
  -2,785
  -3,067
  -3,363
  -3,671
  -3,993
  -4,328
  -4,676
  -5,037
  -5,414
  -5,804
  -6,210
  -6,633
  -7,071
New CAPEX, $m
  -456
  -567
  -689
  -821
  -962
  -1,108
  -1,258
  -1,411
  -1,564
  -1,715
  -1,865
  -2,012
  -2,155
  -2,295
  -2,432
  -2,566
  -2,697
  -2,827
  -2,956
  -3,085
  -3,215
  -3,347
  -3,481
  -3,618
  -3,760
  -3,908
  -4,061
  -4,221
  -4,389
  -4,565
Cash from investing activities, $m
  -583
  -740
  -918
  -1,119
  -1,343
  -1,585
  -1,845
  -2,124
  -2,418
  -2,726
  -3,047
  -3,381
  -3,725
  -4,081
  -4,447
  -4,824
  -5,212
  -5,612
  -6,023
  -6,448
  -6,886
  -7,340
  -7,809
  -8,294
  -8,797
  -9,322
  -9,865
  -10,431
  -11,022
  -11,636
Free cash flow, $m
  -389
  -389
  -403
  -409
  -403
  -383
  -346
  -291
  -216
  -121
  -4
  134
  294
  475
  676
  898
  1,138
  1,397
  1,673
  1,966
  2,275
  2,600
  2,941
  3,296
  3,666
  4,052
  4,452
  4,868
  5,299
  5,747
Issuance/(repayment) of debt, $m
  62
  599
  728
  868
  1,016
  1,171
  1,330
  1,491
  1,653
  1,813
  1,971
  2,126
  2,278
  2,426
  2,571
  2,712
  2,851
  2,988
  3,125
  3,261
  3,398
  3,537
  3,679
  3,825
  3,975
  4,130
  4,292
  4,462
  4,639
  4,825
Issuance/(repurchase) of shares, $m
  465
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  527
  599
  728
  868
  1,016
  1,171
  1,330
  1,491
  1,653
  1,813
  1,971
  2,126
  2,278
  2,426
  2,571
  2,712
  2,851
  2,988
  3,125
  3,261
  3,398
  3,537
  3,679
  3,825
  3,975
  4,130
  4,292
  4,462
  4,639
  4,825
Total cash flow (excl. dividends), $m
  138
  211
  325
  459
  614
  789
  984
  1,200
  1,437
  1,693
  1,967
  2,261
  2,572
  2,901
  3,247
  3,610
  3,989
  4,385
  4,798
  5,227
  5,673
  6,137
  6,620
  7,121
  7,641
  8,182
  8,745
  9,330
  9,938
  10,572
Retained Cash Flow (-), $m
  -475
  -67
  -81
  -96
  -113
  -130
  -148
  -166
  -184
  -201
  -219
  -236
  -253
  -270
  -286
  -301
  -317
  -332
  -347
  -362
  -378
  -393
  -409
  -425
  -442
  -459
  -477
  -496
  -515
  -536
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -337
  144
  244
  363
  501
  658
  837
  1,035
  1,253
  1,491
  1,748
  2,025
  2,319
  2,631
  2,961
  3,308
  3,672
  4,053
  4,450
  4,865
  5,296
  5,744
  6,211
  6,696
  7,200
  7,723
  8,268
  8,834
  9,423
  10,036
Discount rate, %
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
  60.51
PV of cash for distribution, $m
  -294
  108
  156
  193
  220
  235
  238
  230
  214
  191
  165
  137
  110
  86
  64
  46
  32
  22
  14
  9
  5
  3
  2
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Legacy Reserves LP (Legacy) is a master limited partnership company. The Company focuses on the acquisition and development of oil and natural gas properties located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. As of December 31, 2016, the Company had proved reserves of approximately 144.8 million barrels of crude oil equivalent (MMBoe), of which 72% were natural gas, 28% were oil and natural gas liquids (NGLs) and 94% were classified as proved developed producing. As of December 31, 2016, the Company owned interests in producing oil and natural gas properties in 627 fields in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma and various other states, from 10,775 gross productive wells, of which 3,799 were operated and 6,976 were non-operated. The Company's fields and regions include East Texas, Piceance Basin, Spraberry/War San, Lea, Texas Panhandle and Deep Rock.

FINANCIAL RATIOS  of  Legacy Reserves Inc. (LGCY)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 0
Price to Book -0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -7.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity -523%
Total Debt to Equity -523%
Interest Coverage 0
Management Effectiveness
Return On Assets -3.8%
Ret/ On Assets - 3 Yr. Avg. -19.9%
Return On Total Capital -5.1%
Ret/ On T. Cap. - 3 Yr. Avg. -24.7%
Return On Equity 27.9%
Return On Equity - 3 Yr. Avg. -109.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 38.5%
Gross Margin - 3 Yr. Avg. 44.4%
EBITDA Margin 30.3%
EBITDA Margin - 3 Yr. Avg. -48.6%
Operating Margin 20.7%
Oper. Margin - 3 Yr. Avg. -86.8%
Pre-Tax Margin -17.5%
Pre-Tax Margin - 3 Yr. Avg. -92.8%
Net Profit Margin -17.8%
Net Profit Margin - 3 Yr. Avg. -92.8%
Effective Tax Rate -1.8%
Eff/ Tax Rate - 3 Yr. Avg. -0.4%
Payout Ratio 0%

LGCY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LGCY stock intrinsic value calculation we used $436 million for the last fiscal year's total revenue generated by Legacy Reserves Inc.. The default revenue input number comes from 0001 income statement of Legacy Reserves Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LGCY stock valuation model: a) initial revenue growth rate of 35.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.7%, whose default value for LGCY is calculated based on our internal credit rating of Legacy Reserves Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Legacy Reserves Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LGCY stock the variable cost ratio is equal to 25.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $326 million in the base year in the intrinsic value calculation for LGCY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.1% for Legacy Reserves Inc..

Corporate tax rate of 27% is the nominal tax rate for Legacy Reserves Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LGCY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LGCY are equal to 291.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Legacy Reserves Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LGCY is equal to -7.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-271.687 million for Legacy Reserves Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 111.470 million for Legacy Reserves Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Legacy Reserves Inc. at the current share price and the inputted number of shares is $0.0 billion.

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