Mid-Con Energy Partners LP (MCEP) Shares Up 12.1%
Shares of Mid-Con Energy Partners LP (NASDAQ:MCEP) shot up 12.1% on Thursday . The stock traded as high as $2.74 and last traded at $2.68, with a volume of 147,903 shares changing hands. The stock had previously closed at $2.39.
Several brokerages have recently weighed in on MCEP. Zacks Investment Research upgraded Mid-Con Energy Partners from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Wednesday, April 27th. FBR & Co reiterated a “hold” rating on shares of Mid-Con Energy Partners in a research note 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 company currently has a consensus rating of “Hold” and an average price target of $2.00.
The stock’s market capitalization is $75.99 million. The company has a 50-day moving average price of $1.91 and a 200-day moving average price of $2.07.
Mid-Con Energy Partners (NASDAQ:MCEP) last posted its earnings results on Monday, August 1st. The company reported ($0.52) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by $0.65. The company had revenue of $4.69 million for the quarter, compared to analyst estimates of $20.66 million. During the same quarter in the prior year, the firm posted ($0.26) earnings per share. The firm’s revenue for the quarter was down 63.2% compared to the same quarter last year. Analysts anticipate that Mid-Con Energy Partners LP will post $0.27 EPS for the current fiscal year.
In related news, CFO Michael David Peterson sold 26,250 shares of the company’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $2.02, for a total value of $53,025.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Mid-Con Energy Partners, LP is engaged in the ownership, acquisition, exploitation and development of producing oil and natural gas properties in North America, with a focus on enhanced oil recovery (EOR). The Company’s properties are located in the Mid-Continent and Permian Basin regions of the United States in over five areas: Southern Oklahoma; Northeastern Oklahoma; parts of Oklahoma, Colorado and Texas within the Hugoton; Texas Gulf Coast, and Texas within the Eastern Shelf of the Permian.
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