Midcoast Energy Partners LP (MEP) Shares Down 1.4%
Midcoast Energy Partners LP (NYSE:MEP) was down 1.4% on Wednesday . The company traded as low as $8.94 and last traded at $9.00, with a volume of 92,007 shares changing hands. The stock had previously closed at $9.13.
A number of equities research analysts recently weighed in on MEP shares. Zacks Investment Research cut Midcoast Energy Partners from a “buy” rating to a “hold” rating in a research note on Saturday, April 2nd. Barclays PLC started coverage on Midcoast Energy Partners in a research note on Wednesday, April 13th. They issued an “equal weight” rating and a $7.00 price target on the stock. Finally, Credit Suisse Group AG upgraded Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $5.00 to $6.00 in a research report on Tuesday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $7.85.
The company has a 50-day moving average price of $8.62 and a 200 day moving average price of $6.87. The company’s market cap is $403.36 million.
Midcoast Energy Partners (NYSE:MEP) last announced its earnings results on Monday, May 2nd. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.15. The company had revenue of $431.90 million for the quarter, compared to analysts’ expectations of $693.42 million. The firm’s quarterly revenue was down 50.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. On average, equities analysts expect that Midcoast Energy Partners LP will post ($1.41) EPS for the current fiscal year.
An institutional investor recently raised its position in Midcoast Energy Partners stock. OppenheimerFunds Inc. increased its stake 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 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.