Midcoast Energy Partners LP (MEP) Trading Up 10.1%
Midcoast Energy Partners LP (NYSE:MEP) shares were up 10.1% on Friday . The stock traded as high as $7.62 and last traded at $7.55, with a volume of 67,520 shares trading hands. The stock had previously closed at $6.86.
Separately, Zacks Investment Research upgraded shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $9.25 price objective on the stock in a research note on Tuesday, July 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $7.70.
The firm’s market cap is $341.41 million. The company has a 50-day moving average of $7.83 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) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.13. The business had revenue of $427.60 million for the quarter, compared to analyst estimates of $642.14 million. The firm’s quarterly revenue was down 45.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.06) EPS. Equities research analysts forecast that Midcoast Energy Partners LP will post ($0.87) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, August 5th were paid a dividend of $0.3575 per share. This represents a $1.43 annualized dividend and a yield of 18.94%. This is an increase from Midcoast Energy Partners’s previous quarterly dividend of $0.16. The ex-dividend date was Wednesday, August 3rd.
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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