Midcoast Energy Partners LP (MEP) Shares Down 3.2%
Midcoast Energy Partners LP (NYSE:MEP)’s share price traded down 3.2% during mid-day trading on Monday . The company traded as low as $7.13 and last traded at $7.20, with a volume of 63,487 shares traded. The stock had previously closed at $7.44.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research raised Midcoast Energy Partners from a “hold” rating to a “strong-buy” rating and set a $7.75 target price for the company in a research note on Thursday, May 5th. Credit Suisse Group AG raised Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and increased their target price 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 given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $7.70.
The firm’s 50-day moving average is $8.03 and its 200-day moving average is $6.88. The stock’s market capitalization is $330.11 million.
Midcoast Energy Partners (NYSE:MEP) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.13. During the same period last year, the company earned ($0.06) EPS. The business earned $427.60 million during the quarter, compared to analyst estimates of $642.14 million. The business’s revenue for the quarter was down 45.2% on a year-over-year basis. On average, analysts predict that Midcoast Energy Partners LP will post ($0.87) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, August 5th were paid a $0.3575 dividend. The ex-dividend date of this dividend was Wednesday, August 3rd. This is an increase from Midcoast Energy Partners’s previous quarterly dividend of $0.16. This represents a $1.43 dividend on an annualized basis and a yield of 19.54%.
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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