Memorial Production Partners LP (MEMP) Shares Up 6.9%
Memorial Production Partners LP (NASDAQ:MEMP)’s share price shot up 6.9% on Friday . The stock traded as high as $2.08 and last traded at $2.01, with a volume of 869,225 shares. The stock had previously closed at $1.88.
Separately, Zacks Investment Research cut shares of Memorial Production Partners from a “buy” rating to a “hold” rating in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $5.35.
The stock’s 50 day moving average price is $1.76 and its 200 day moving average price is $2.13. The company’s market capitalization is $167.46 million.
Memorial Production Partners (NASDAQ:MEMP) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($1.78) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $1.77. During the same quarter last year, the firm earned ($1.36) EPS. The firm earned $68.06 million during the quarter, compared to analyst estimates of $121.62 million. The business’s revenue was up 13.3% on a year-over-year basis. On average, equities research analysts anticipate that Memorial Production Partners LP will post ($0.46) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, August 5th will be paid a dividend of $0.03 per share. The ex-dividend date is Wednesday, August 3rd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 5.94%.
Memorial Production Partners LP (the Partnership) owns, acquires and exploits oil and natural gas properties in North America. The Partnership is owned by its limited partners and general partner. Its general partner is responsible for managing all of the Partnership’s operations and activities. The Partnership operates in the acquisition, exploitation, development and production of oil and natural gas properties segment.
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