Midcoast Energy Partners LP (MEP) Sees Unusually-High Trading Volume
Shares of Midcoast Energy Partners LP (NYSE:MEP) saw strong trading volume on Wednesday . 81,938 shares changed hands during trading, a decline of 2% from the previous session’s volume of 83,312 shares.The stock last traded at $6.98 and had previously closed at $7.01.
A number of equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $9.25 price target for the company in a report on Tuesday, July 12th. Credit Suisse Group AG upgraded shares of Midcoast Energy Partners from an “underperform” rating to a “neutral” rating and upped their price target for the company from $5.00 to $6.00 in a report on Tuesday, May 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. Midcoast Energy Partners currently has an average rating of “Hold” and an average price target of $7.70.
The company’s market cap is $312.02 million. The stock’s 50-day moving average price is $7.97 and its 200 day moving average price is $6.90.
Midcoast Energy Partners (NYSE:MEP) last posted its 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. During the same period last year, the business posted ($0.06) earnings per share. The business earned $427.60 million during the quarter, compared to analysts’ expectations of $642.14 million. The company’s revenue for the quarter was down 45.2% compared to the same quarter last year. On average, analysts predict that Midcoast Energy Partners LP will post ($0.87) earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, August 5th were issued a $0.3575 dividend. This represents a $1.43 dividend on an annualized basis and a dividend yield of 20.72%. This is a positive change from Midcoast Energy Partners’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Wednesday, August 3rd.
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.