Mid-Con Energy Partners LP (MCEP) Shares Down 5.1%
Mid-Con Energy Partners LP (NASDAQ:MCEP) shares fell 5.1% on Monday . The stock traded as low as $2.40 and last traded at $2.42, with a volume of 301,338 shares. The stock had previously closed at $2.55.
Several brokerages recently weighed in on MCEP. FBR & Co reaffirmed a “hold” rating on shares of Mid-Con Energy Partners in a report on Tuesday, May 3rd. Zacks Investment Research raised shares of Mid-Con Energy Partners from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Wednesday, April 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $2.00.
The company’s 50-day moving average is $1.96 and its 200-day moving average is $2.11. The company’s market capitalization is $75.38 million.
Mid-Con Energy Partners (NASDAQ:MCEP) last issued its earnings results on Monday, August 1st. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.65. During the same period in the previous year, the business posted ($0.26) earnings per share. The company had revenue of $4.69 million for the quarter, compared to analysts’ expectations of $20.66 million. Mid-Con Energy Partners’s revenue was down 63.2% compared to the same quarter last year. On average, analysts forecast that Mid-Con Energy Partners LP will post $0.27 earnings per share for the current fiscal year.
In related news, CFO Michael David Peterson sold 26,250 shares of the firm’s stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $2.02, for a total transaction of $53,025.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
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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