Midcoast Energy Partners LP (MEP) Stock Price Down 3.2%
Midcoast Energy Partners LP (NYSE:MEP) fell 3.2% on Wednesday . The company traded as low as $8.29 and last traded at $8.38, with a volume of 85,369 shares trading hands. The stock had previously closed at $8.66.
Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of Midcoast Energy Partners from a “hold” rating to a “strong-buy” rating and set a $7.75 price objective for the company in a report on Thursday, May 5th. Credit Suisse Group AG raised shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $5.00 to $6.00 in a report on Tuesday, May 3rd. Finally, Barclays PLC assumed coverage on shares of Midcoast Energy Partners in a report on Wednesday, April 13th. They set an “equal weight” rating and a $7.00 price objective for the company. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $8.00.
The firm’s market capitalization is $374.87 million. The company’s 50-day moving average is $8.40 and its 200-day moving average is $6.82.
Midcoast Energy Partners (NYSE:MEP) last issued its quarterly earnings results on Monday, May 2nd. The company reported ($0.12) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.15. The company earned $431.90 million during the quarter, compared to the consensus estimate of $693.42 million. The firm’s revenue for the quarter was down 50.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.06) EPS. On average, equities research analysts anticipate that Midcoast Energy Partners LP will post ($1.41) earnings per share for the current fiscal year.
An institutional investor recently raised its position in Midcoast Energy Partners stock. Atlantic Trust Group LLC raised its position in shares of Midcoast Energy Partners LP (NYSE:MEP) by 26.9% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 991,044 shares of the company’s stock after buying an additional 209,994 shares during the period. Atlantic Trust Group LLC owned about 2.19% of Midcoast Energy Partners worth $9,633,000 at the end of the most recent reporting period.
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.