Shares of Midcoast Energy Partners LP (NYSE:MEP) traded down 3.4% on Tuesday . The company traded as low as $7.58 and last traded at $7.61, with a volume of 80,655 shares changing hands. The stock had previously closed at $7.88.

A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a research report on Tuesday, July 12th. Credit Suisse Group AG raised shares of 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $7.70.

The company’s market capitalization is $345.03 million. The company has a 50 day moving average of $8.22 and a 200 day moving average of $6.90.

Midcoast Energy Partners (NYSE:MEP) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.13. The business had revenue of $427.60 million for the quarter, compared to the consensus estimate of $642.14 million. The business’s revenue was down 45.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) EPS. On average, analysts expect that Midcoast Energy Partners LP will post ($0.87) earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, August 5th were given a dividend of $0.3575 per share. The ex-dividend date of this dividend was Wednesday, August 3rd. This represents a $1.43 dividend on an annualized basis and a dividend yield of 18.74%. 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 boosted its position in Midcoast Energy Partners LP (NYSE:MEP) by 9.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 filing with the SEC.

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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