Midcoast Energy Partners LP (MEP) Shares Up 5.2%
Midcoast Energy Partners LP (NYSE:MEP)’s share price shot up 5.2% during mid-day trading on Wednesday . The stock traded as high as $8.02 and last traded at $7.93, with a volume of 53,763 shares trading hands. The stock had previously closed at $7.54.
Several research firms have issued reports on MEP. Zacks Investment Research upgraded shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $9.25 target price on the stock in a research note on Tuesday, July 12th. Credit Suisse Group AG raised shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and upped their price target for the company from $5.00 to $6.00 in a research report on Tuesday, May 3rd. Finally, Barclays PLC assumed coverage on shares of Midcoast Energy Partners in a research report on Wednesday, April 13th. They set an “equal weight” rating and a $7.00 price target for the company. One equities research 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 target price of $7.85.
The stock has a 50 day moving average of $8.58 and a 200-day moving average of $6.84. The stock’s market capitalization is $353.62 million.
Midcoast Energy Partners (NYSE:MEP) last posted its 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. The company earned $431.90 million during the quarter, compared to analysts’ expectations of $693.42 million. During the same quarter last year, the firm earned ($0.06) EPS. Midcoast Energy Partners’s revenue for the quarter was down 50.6% on a year-over-year basis. On average, equities research analysts predict that Midcoast Energy Partners LP will post ($1.41) earnings per share for the current fiscal year.
A hedge fund recently raised its stake 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 13F filing with the Securities and Exchange Commission (SEC). 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 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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