Midcoast Energy Partners LP (MEP) Stock Price Up 5.8%
Shares of Midcoast Energy Partners LP (NYSE:MEP) rose 5.8% during mid-day trading on Tuesday . The company traded as high as $8.80 and last traded at $8.74, with a volume of 51,093 shares. The stock had previously closed at $8.26.
MEP has been the topic of a number of recent research reports. Zacks Investment Research raised Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Thursday, March 17th. Barclays PLC initiated coverage on Midcoast Energy Partners in a report on Wednesday, April 13th. They set an “equal weight” rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $7.85.
The firm’s 50 day moving average is $8.44 and its 200-day moving average is $6.82. The firm’s market cap is $401.55 million.
Midcoast Energy Partners (NYSE:MEP) last posted its earnings results on Monday, May 2nd. The company reported ($0.12) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.15. The business earned $431.90 million during the quarter, compared to the consensus estimate of $693.42 million. The firm’s revenue for the quarter was down 50.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.06) EPS. Equities analysts forecast 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. Atlantic Trust Group LLC boosted its stake in Midcoast Energy Partners LP (NYSE:MEP) by 26.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 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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