Midcoast Energy Partners LP (MEP) Stock Price Up 5.2%
Shares of Midcoast Energy Partners LP (NYSE:MEP) rose 5.2% during mid-day trading on Wednesday . The company 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.
MEP has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $6.25 target price for the company in a research note on Tuesday, April 19th. Barclays PLC initiated coverage on shares of Midcoast Energy Partners in a research note on Wednesday, April 13th. They set an “equal weight” rating and a $7.00 target price for the company. Finally, Credit Suisse Group AG raised shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $5.00 to $6.00 in a research note on Tuesday, May 3rd. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $7.85.
The company’s 50 day moving average is $8.49 and its 200-day moving average is $6.85. The stock’s market capitalization is $366.33 million.
Midcoast Energy Partners (NYSE:MEP) last released its earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13. The firm earned $427.60 million during the quarter, compared to analyst estimates of $642.14 million. The business’s revenue was down 45.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) earnings per share. On average, equities research analysts predict that Midcoast Energy Partners LP will post ($1.41) EPS for the current year.
The company also recently announced a dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, August 5th will be given a $0.3575 dividend. This is a boost from Midcoast Energy Partners’s previous dividend of $0.16. The ex-dividend date is Wednesday, August 3rd.
A hedge fund recently raised its stake in Midcoast Energy Partners stock. Atlantic Trust Group LLC boosted its stake in shares of 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. 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 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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