Shares of Midcoast Energy Partners LP (NYSE:MEP) were down 2.2% during mid-day trading on Tuesday . The company traded as low as $7.37 and last traded at $7.49, with a volume of 101,280 shares changing hands. The stock had previously closed at $7.66.

A number of analysts have issued reports on MEP shares. Zacks Investment Research raised shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $7.75 price objective for the company in a report on Tuesday, April 26th. Barclays PLC started coverage on shares of Midcoast Energy Partners in a report on Wednesday, April 13th. They issued an “equal weight” rating and a $7.00 price objective for the company. One investment 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 stock currently has a consensus rating of “Hold” and a consensus price target of $7.70.

The firm has a 50 day moving average price of $8.36 and a 200 day moving average price of $6.92. The stock’s market capitalization is $338.70 million.

Midcoast Energy Partners (NYSE:MEP) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. The firm had revenue of $427.60 million for the quarter, compared to the consensus estimate of $642.14 million. The firm’s revenue for the quarter was down 45.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.06) earnings per share. On average, analysts forecast that Midcoast Energy Partners LP will post ($0.90) earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, August 5th will be issued a dividend of $0.3575 per share. The ex-dividend date is Wednesday, August 3rd. This represents a $1.43 dividend on an annualized basis and a yield of 19.09%. This is a positive change from Midcoast Energy Partners’s previous quarterly dividend of $0.16.

A hedge fund recently raised its stake in Midcoast Energy Partners stock. Kayne Anderson Capital Advisors LP increased its position in Midcoast Energy Partners LP (NYSE:MEP) by 9.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,001,873 shares of the company’s stock after buying an additional 256,501 shares during the period. Kayne Anderson Capital Advisors LP owned 6.64% of Midcoast Energy Partners worth $29,176,000 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.

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