Midcoast Energy Partners LP (MEP) Trading Down 3.2%
Midcoast Energy Partners LP (NYSE:MEP) was down 3.2% during trading on Monday . The stock traded as low as $7.13 and last traded at $7.20, with a volume of 63,487 shares. The stock had previously closed at $7.44.
Several equities research analysts have commented on MEP shares. Zacks Investment Research upgraded Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $8.50 price objective for the company in a research note on Saturday, July 30th. Credit Suisse Group AG upgraded Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $5.00 to $6.00 in a research note on Tuesday, May 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Midcoast Energy Partners has an average rating of “Hold” and a consensus price target of $7.70.
The company’s market capitalization is $314.79 million. The stock’s 50 day moving average price is $7.97 and its 200-day moving average price is $6.90.
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, topping the Zacks’ consensus estimate of ($0.29) by $0.13. During the same period last year, the business earned ($0.06) earnings per share. The business had revenue of $427.60 million for the quarter, compared to analysts’ expectations of $642.14 million. The company’s revenue for the quarter was down 45.2% on a year-over-year basis. Equities research analysts predict that Midcoast Energy Partners LP will post ($0.87) EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, August 5th were paid a dividend of $0.3575 per share. The ex-dividend date of this dividend was Wednesday, August 3rd. This is a boost from Midcoast Energy Partners’s previous quarterly dividend of $0.16. This represents a $1.43 dividend on an annualized basis and a dividend yield of 20.40%.
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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