Midcoast Energy Partners LP (MEP) Shares Down 2.5%
Midcoast Energy Partners LP (NYSE:MEP) traded down 2.5% on Wednesday . The stock traded as low as $7.48 and last traded at $8.08, with a volume of 94,474 shares. The stock had previously closed at $8.29.
A number of analysts recently weighed in on MEP shares. Zacks Investment Research upgraded 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 upgraded Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $5.00 to $6.00 in a research report on Tuesday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $7.70.
The company’s market cap is $351.81 million. The company has a 50-day moving average price of $8.47 and a 200 day moving average price of $6.87.
Midcoast Energy Partners (NYSE:MEP) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.13. During the same quarter in the previous year, the company earned ($0.06) EPS. The company earned $427.60 million during the quarter, compared to analysts’ expectations of $642.14 million. The business’s quarterly revenue was down 45.2% compared to the same quarter last year. Equities analysts predict that Midcoast Energy Partners LP will post ($1.41) earnings per share for the current fiscal 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 given a $0.3575 dividend. This represents a $1.43 dividend on an annualized basis and a yield of 18.38%. 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.
An institutional investor recently raised its position in Midcoast Energy Partners stock. Atlantic Trust Group LLC raised 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 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 2.19% of Midcoast Energy Partners worth $9,633,000 at the end of the most recent reporting period.
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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