Midcoast Energy Partners LP (MEP) Shares Up 5.8%
Shares of Midcoast Energy Partners LP (NYSE:MEP) shot up 5.8% on Tuesday . The company traded as high as $8.80 and last traded at $8.74, with a volume of 51,093 shares changing hands. The stock had previously closed at $8.26.
A number of research firms have weighed in on MEP. Zacks Investment Research raised shares of Midcoast Energy Partners from a “hold” rating to a “strong-buy” rating and set a $10.00 target price for the company in a research report on Tuesday, July 5th. Credit Suisse Group AG raised shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $5.00 to $6.00 in a research report on Tuesday, May 3rd. One 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. Midcoast Energy Partners currently has a consensus rating of “Hold” and an average price target of $7.85.
The stock’s 50 day moving average is $8.48 and its 200-day moving average is $6.85. The firm’s market capitalization is $397.49 million.
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, topping the Zacks’ consensus estimate of ($0.27) by $0.15. The firm earned $431.90 million during the quarter, compared to the consensus estimate of $693.42 million. During the same quarter in the previous year, the firm earned ($0.06) EPS. The business’s quarterly revenue was down 50.6% compared to the same quarter last year. On average, analysts forecast that Midcoast Energy Partners LP will post ($1.41) earnings per share for the current year.
An institutional investor recently raised its position in Midcoast Energy Partners stock. Atlantic Trust Group LLC boosted its position in Midcoast Energy Partners LP (NYSE:MEP) by 26.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 filing with the SEC.
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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