Midcoast Energy Partners LP (MEP) Sees Large Volume Increase
Shares of Midcoast Energy Partners LP (NYSE:MEP) saw unusually-strong trading volume on Monday . Approximately 173,654 shares traded hands during mid-day trading, an increase of 70% from the previous session’s volume of 102,059 shares.The stock last traded at $8.29 and had previously closed at $8.15.
Several research firms have commented on MEP. Zacks Investment Research upgraded shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $6.25 price objective for the company in a research note on Tuesday, April 19th. Barclays PLC began coverage on shares of Midcoast Energy Partners in a research note on Wednesday, April 13th. They issued an “equal weight” rating and a $7.00 price objective for the company. Finally, Credit Suisse Group AG upgraded shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and increased their price objective for the company 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. Midcoast Energy Partners currently has a consensus rating of “Hold” and an average target price of $8.00.
The stock has a 50 day moving average of $8.44 and a 200 day moving average of $6.82. The company’s market capitalization is $373.52 million.
Midcoast Energy Partners (NYSE:MEP) last announced its quarterly earnings results on Monday, May 2nd. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.15. During the same quarter in the prior year, the firm earned ($0.06) EPS. The company had revenue of $431.90 million for the quarter, compared to analysts’ expectations of $693.42 million. Midcoast Energy Partners’s quarterly revenue was down 50.6% compared to the same quarter last year. Equities research analysts expect that Midcoast Energy Partners LP will post ($1.41) earnings per share for the current year.
A hedge fund recently raised its stake in Midcoast Energy Partners stock. OppenheimerFunds Inc. increased its stake in shares of Midcoast Energy Partners LP (NYSE:MEP) by 0.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,493,161 shares of the company’s stock after buying an additional 21,680 shares during the period. OppenheimerFunds Inc. owned about 9.94% of Midcoast Energy Partners worth $43,674,000 as of its most recent SEC filing.
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.
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