Midcoast Energy Partners LP (MEP) Trading 7.6% Higher
Shares of Midcoast Energy Partners LP (NYSE:MEP) traded up 7.6% during mid-day trading on Monday . The stock traded as high as $7.91 and last traded at $7.91, with a volume of 57,482 shares changing hands. The stock had previously closed at $7.35.
Several analysts have issued reports on the company. Zacks Investment Research raised Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $6.25 target price on the stock in a research report on Tuesday, April 19th. Credit Suisse Group AG raised Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and increased their target price for the company from $5.00 to $6.00 in a research report on Tuesday, May 3rd. Finally, Barclays PLC assumed coverage on Midcoast Energy Partners in a research report on Wednesday, April 13th. They set an “equal weight” rating and a $7.00 target price on the stock. One equities 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 presently has a consensus rating of “Hold” and a consensus target price of $7.70.
The firm’s market capitalization is $347.29 million. The company’s 50 day moving average is $8.42 and its 200 day moving average is $6.89.
Midcoast Energy Partners (NYSE:MEP) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.13. The firm had revenue of $427.60 million for the quarter, compared to analysts’ expectations of $642.14 million. The firm’s quarterly revenue was down 45.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) EPS. Equities research analysts expect that Midcoast Energy Partners LP will post ($0.90) earnings per share for the current year.
The company also recently announced 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 19.46%. This is a positive change from Midcoast Energy Partners’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Wednesday, August 3rd.
An institutional investor recently raised its position in Midcoast Energy Partners stock. Kayne Anderson Capital Advisors LP boosted its position in shares of Midcoast Energy Partners LP (NYSE:MEP) by 9.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 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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