Midcoast Energy Partners LP (MEP) Stock Price Up 2.3%
Shares of Midcoast Energy Partners LP (NYSE:MEP) rose 2.3% during mid-day trading on Tuesday . The stock traded as high as $9.50 and last traded at $9.30, with a volume of 71,928 shares trading hands. The stock had previously closed at $9.09.
MEP has been the subject of several research reports. Zacks Investment Research raised shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $7.75 price target for the company in a research report on Tuesday, April 26th. Barclays PLC initiated coverage on shares of Midcoast Energy Partners in a research report on Wednesday, April 13th. They issued an “equal weight” rating and a $7.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $7.85.
The stock has a 50-day moving average price of $8.62 and a 200-day moving average price of $6.87. The stock’s market cap is $403.36 million.
Midcoast Energy Partners (NYSE:MEP) last released its quarterly earnings data on Monday, May 2nd. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.15. During the same period last year, the company posted ($0.06) EPS. The company had revenue of $431.90 million for the quarter, compared to analysts’ expectations of $693.42 million. The business’s revenue for the quarter was down 50.6% compared to the same quarter last year. On average, analysts anticipate 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. increased its position in shares of Midcoast Energy Partners LP (NYSE:MEP) by 0.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,493,161 shares of the company’s stock after buying an additional 21,680 shares during the period. OppenheimerFunds Inc. owned approximately 9.94% of Midcoast Energy Partners worth $43,674,000 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.
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.