Midcoast Energy Partners LP (MEP) Trading 1.3% Higher
Midcoast Energy Partners LP (NYSE:MEP)’s share price traded up 1.3% on Tuesday . The company traded as high as $8.56 and last traded at $8.38, with a volume of 139,805 shares. The stock had previously closed at $8.27.
A number of equities analysts recently weighed in on the stock. 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 note on Tuesday, July 5th. Credit Suisse Group AG raised shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $5.00 to $6.00 in a research note on Tuesday, May 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $7.70.
The company’s market capitalization is $374.87 million. The firm’s 50 day moving average is $8.47 and its 200-day moving average is $6.87.
Midcoast Energy Partners (NYSE:MEP) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.16) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.13. During the same period in the prior year, the firm earned ($0.06) EPS. The company earned $427.60 million during the quarter, compared to analysts’ expectations of $642.14 million. Midcoast Energy Partners’s quarterly revenue was down 45.2% on a year-over-year basis. On average, analysts predict that Midcoast Energy Partners LP will post ($1.41) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, August 5th will be paid a $0.3575 dividend. The ex-dividend date of this dividend is Wednesday, August 3rd. This is a boost from Midcoast Energy Partners’s previous quarterly dividend of $0.16. This represents a $1.43 dividend on an annualized basis and a yield of 17.25%.
An institutional investor recently raised its position in Midcoast Energy Partners stock. Kayne Anderson Capital Advisors LP increased its position in Midcoast Energy Partners LP (NYSE:MEP) by 9.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,001,873 shares of the company’s stock after buying an additional 256,501 shares during the period. Kayne Anderson Capital Advisors LP owned about 6.64% of Midcoast Energy Partners worth $29,176,000 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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