Midcoast Energy Partners LP (MEP) Stock Price Down 2.5%
Midcoast Energy Partners LP (NYSE:MEP)’s share price fell 2.5% during trading on Wednesday . The company traded as low as $7.48 and last traded at $8.08, with a volume of 94,474 shares. The stock had previously closed at $8.29.
A number of research firms recently commented on MEP. Zacks Investment Research raised shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $8.50 price target for the company in a research note on Saturday, July 30th. Credit Suisse Group AG raised shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $5.00 to $6.00 in a research note on Tuesday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Midcoast Energy Partners presently has an average rating of “Hold” and a consensus price target of $7.70.
The company’s market capitalization is $345.93 million. The firm’s 50 day moving average price is $8.45 and its 200 day moving average price is $6.88.
Midcoast Energy Partners (NYSE:MEP) last issued its earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.13. During the same period last year, the business earned ($0.06) EPS. The firm earned $427.60 million during the quarter, compared to analyst estimates of $642.14 million. The firm’s revenue was down 45.2% compared to the same quarter last year. Equities research analysts forecast that Midcoast Energy Partners LP will post ($1.41) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, August 5th will be issued a $0.3575 dividend. The ex-dividend date is Wednesday, August 3rd. This is an increase from Midcoast Energy Partners’s previous quarterly dividend of $0.16. This represents a $1.43 annualized dividend and a yield of 18.64%.
A hedge fund recently raised its stake in Midcoast Energy Partners stock. Atlantic Trust Group LLC boosted its stake in shares of Midcoast Energy Partners LP (NYSE:MEP) by 26.9% during the fourth quarter, according to its most recent 13F filing with the 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 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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