Midcoast Energy Partners LP (MEP) Shares Down 3.2%
Midcoast Energy Partners LP (NYSE:MEP)’s share price was down 3.2% on Wednesday . The company traded as low as $8.29 and last traded at $8.38, with a volume of 85,369 shares. The stock had previously closed at $8.66.
A number of equities analysts have weighed in on MEP shares. Zacks Investment Research upgraded Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $5.00 target price on the stock in a research note on Thursday, March 17th. Barclays PLC started coverage on Midcoast Energy Partners in a research note on Wednesday, April 13th. They issued an “equal weight” rating and a $7.00 target price on the stock. Finally, Credit Suisse Group AG upgraded Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $5.00 to $6.00 in a research note on Tuesday, May 3rd. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $8.00.
The company’s market capitalization is $369.90 million. The firm’s 50 day moving average is $8.43 and its 200 day moving average is $6.84.
Midcoast Energy Partners (NYSE:MEP) last released its earnings results on Monday, May 2nd. The company reported ($0.12) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.15. The company had revenue of $431.90 million for the quarter, compared to analysts’ expectations of $693.42 million. During the same quarter last year, the firm posted ($0.06) earnings per share. Midcoast Energy Partners’s revenue for the quarter was down 50.6% on a year-over-year basis. On average, equities analysts predict that Midcoast Energy Partners LP will post ($1.41) earnings per share for the current fiscal year.
An institutional investor recently raised its position in Midcoast Energy Partners stock. Atlantic Trust Group LLC increased its stake in shares of Midcoast Energy Partners LP (NYSE:MEP) by 26.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 991,044 shares of the company’s stock after buying an additional 209,994 shares during the period. Atlantic Trust Group LLC owned about 2.19% of Midcoast Energy Partners worth $9,633,000 at the end of the most recent reporting period.
Midcoast Energy Partners, L.P. is a limited partnership that serves as Enbridge Energy Partners, L.P.’s primary vehicle for owning and operating its natural gas and natural gas liquids (NGLs) midstream business in the United States. The Company operates through two segments: Gathering, Processing and Transportation, and Logistics and Marketing.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.