Midcoast Energy Partners LP (MEP) Shares Up 2.3%
Shares of Midcoast Energy Partners LP (NYSE:MEP) shot up 2.3% during mid-day trading on Tuesday . The company traded as high as $9.50 and last traded at $9.30, with a volume of 71,928 shares changing hands. The stock had previously closed at $9.09.
A number of research firms have issued reports on MEP. Barclays PLC began coverage on Midcoast Energy Partners in a report on Wednesday, April 13th. They issued an “equal weight” rating and a $7.00 target price on the stock. Zacks Investment Research raised Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $9.25 target price on the stock in a report on Tuesday, July 12th. Finally, Credit Suisse Group AG raised Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and raised their target price for the company from $5.00 to $6.00 in a report on Tuesday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $7.85.
The stock’s market cap is $418.74 million. The firm has a 50 day moving average of $8.58 and a 200 day moving average of $6.83.
Midcoast Energy Partners (NYSE:MEP) last issued its quarterly earnings results on Monday, May 2nd. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.15. The firm earned $431.90 million during the quarter, compared to the consensus estimate of $693.42 million. During the same quarter last year, the firm earned ($0.06) earnings per share. The business’s revenue for the quarter was down 50.6% on a year-over-year basis. On average, equities research analysts expect that Midcoast Energy Partners LP will post ($1.41) earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Midcoast Energy Partners stock. OppenheimerFunds Inc. boosted its position in shares of Midcoast Energy Partners LP (NYSE:MEP) by 0.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,493,161 shares of the company’s stock after buying an additional 21,680 shares during the period. OppenheimerFunds Inc. owned about 9.94% of Midcoast Energy Partners worth $43,674,000 as of its most recent SEC filing.
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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