Midcoast Energy Partners LP (MEP) Trading 7.6% Higher
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. The stock had previously closed at $7.35.
Several equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $6.25 price target on the stock in a research note on Tuesday, April 19th. Credit Suisse Group AG upgraded shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $5.00 to $6.00 in a report on Tuesday, May 3rd. Finally, Barclays PLC started coverage on shares of Midcoast Energy Partners in a report on Wednesday, April 13th. They set an “equal weight” rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given 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 $7.70.
The company’s market cap is $336.89 million. The firm has a 50-day moving average of $8.36 and a 200 day moving average of $6.92.
Midcoast Energy Partners (NYSE:MEP) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. The company had revenue of $427.60 million for the quarter, compared to the consensus estimate of $642.14 million. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. Midcoast Energy Partners’s revenue for the quarter was down 45.2% compared to the same quarter last year. Equities research analysts anticipate that Midcoast Energy Partners LP will post ($0.90) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, August 5th will be paid a dividend of $0.3575 per share. This represents a $1.43 dividend on an annualized basis and a dividend yield of 19.09%. 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. Kayne Anderson Capital Advisors LP increased its position in shares of Midcoast Energy Partners LP (NYSE:MEP) by 9.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor 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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