Midcoast Energy Partners LP (MEP) Shares Down 6.9%
Midcoast Energy Partners LP (NYSE:MEP) fell 6.9% during mid-day trading on Tuesday . The company traded as low as $7.50 and last traded at $7.57, with a volume of 190,006 shares. The stock had previously closed at $8.13.
A number of brokerages have issued reports on MEP. Zacks Investment Research upgraded Midcoast Energy Partners from a “hold” rating to a “strong-buy” rating and set a $7.75 price target for the company in a research note on Thursday, May 5th. Credit Suisse Group AG upgraded Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $5.00 to $6.00 in a research note on Tuesday, May 3rd. Finally, Barclays PLC began 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 for the company. 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 stock. The company presently has a consensus rating of “Hold” and an average price target of $7.85.
The stock’s market capitalization is $340.96 million. The firm’s 50-day moving average price is $8.62 and its 200 day moving average price is $6.85.
Midcoast Energy Partners (NYSE:MEP) last released its earnings results on Monday, May 2nd. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.15. The business had revenue of $431.90 million for 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 firm earned ($0.06) EPS. Equities research analysts forecast that Midcoast Energy Partners LP will post ($1.41) EPS for the current year.
An institutional investor recently raised its position in Midcoast Energy Partners stock. Atlantic Trust Group LLC raised its stake in shares of Midcoast Energy Partners LP (NYSE:MEP) by 26.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 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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