Midcoast Energy Partners LP (MEP) Rating Increased to Buy at Zacks Investment Research
Midcoast Energy Partners LP (NYSE:MEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $9.50 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 14.87% from the stock’s previous close.
According to Zacks, “Midcoast Energy Partners, L.P. engages in providing natural gas services. It focuses on gathering, processing, treating, transporting, and marketing natural gas and natural gas liquids to intrastate and interstate pipelines for transportation. The Company operates in two segments: gathering, processing and transportation and logistics and marketing. Midcoast Energy Partners, L.P. is based in Houston, Texas. “
Midcoast Energy Partners (NYSE:MEP) opened at 8.27 on Wednesday. The firm has a 50-day moving average of $8.34 and a 200 day moving average of $7.71. Midcoast Energy Partners has a 12-month low of $3.76 and a 12-month high of $13.58. The firm’s market capitalization is $373.97 million.
Midcoast Energy Partners (NYSE:MEP) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.13. Midcoast Energy Partners had a negative net margin of 3.09% and a negative return on equity of 0.40%. The firm earned $427.60 million during the quarter, compared to analysts’ expectations of $642.14 million. During the same quarter last year, the business earned ($0.06) earnings per share. The business’s revenue for the quarter was down 45.2% compared to the same quarter last year. On average, equities analysts predict that Midcoast Energy Partners will post ($0.87) EPS for the current year.
Several hedge funds have recently made changes to their positions in the stock. UBS Group AG increased its position in Midcoast Energy Partners by 43.1% in the first quarter. UBS Group AG now owns 122,037 shares of the company’s stock valued at $627,000 after buying an additional 36,779 shares during the period. Royal Bank of Canada increased its position in Midcoast Energy Partners by 61.5% in the first quarter. Royal Bank of Canada now owns 116,045 shares of the company’s stock valued at $596,000 after buying an additional 44,196 shares during the period. Jacobus Wealth Management Inc. acquired a new position in Midcoast Energy Partners during the second quarter valued at $111,000. Fifth Third Bancorp increased its position in Midcoast Energy Partners by 8.0% in the second quarter. Fifth Third Bancorp now owns 17,602 shares of the company’s stock valued at $150,000 after buying an additional 1,310 shares during the period. Finally, Cohen & Steers Inc. acquired a new position in Midcoast Energy Partners during the second quarter valued at $29,840,000. Hedge funds and other institutional investors own 65.83% of the company’s stock.
About Midcoast Energy Partners
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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