Mid-Con Energy Partners LP (MCEP) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Mid-Con Energy Partners LP (NASDAQ:MCEP) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $3.00 price objective on the stock.
According to Zacks, “Mid-Con Energy Partners LP owns, operates, acquires, exploits and develops producing oil and natural gas properties in North America, with a focus on the Mid-Continent region of the United States. The Company’s core areas of operation are located in Southern Oklahoma, Northeastern Oklahoma and parts of Oklahoma and Colorado within the Hugoton Basin. Mid-Con Energy Partners LP is based in Tulsa, Oklahoma. “
Shares of Mid-Con Energy Partners (NASDAQ:MCEP) opened at 3.01 on Tuesday. The stock’s market capitalization is $90.04 million. The company has a 50 day moving average of $2.63 and a 200 day moving average of $2.48. Mid-Con Energy Partners has a 52-week low of $0.72 and a 52-week high of $4.05.
Mid-Con Energy Partners (NASDAQ:MCEP) last issued its earnings results on Monday, August 1st. The company reported ($0.52) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.65. Mid-Con Energy Partners had a positive return on equity of 5.23% and a negative net margin of 141.44%. The company earned $4.69 million during the quarter, compared to analyst estimates of $20.66 million. During the same period in the prior year, the business earned ($0.26) earnings per share. Mid-Con Energy Partners’s quarterly revenue was down 63.2% on a year-over-year basis. Analysts predict that Mid-Con Energy Partners will post ($0.63) EPS for the current fiscal year.
In related news, Director C Fred Ball, Jr. bought 40,000 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were purchased at an average cost of $2.54 per share, with a total value of $101,600.00. Following the completion of the transaction, the director now directly owns 81,310 shares of the company’s stock, valued at $206,527.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.30% of the stock is owned by company insiders.
An institutional investor recently raised its position in Mid-Con Energy Partners stock. Wedbush Securities Inc. increased its stake in Mid-Con Energy Partners LP (NASDAQ:MCEP) by 66.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 344,800 shares of the company’s stock after buying an additional 137,500 shares during the period. Wedbush Securities Inc. owned 1.16% of Mid-Con Energy Partners worth $665,000 at the end of the most recent reporting period. 5.22% of the stock is currently owned by institutional investors.
Mid-Con Energy Partners Company Profile
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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