Midcoast Energy Partners LP (NYSE:MEP) shares shot up 10.1% during mid-day trading on Friday . The stock traded as high as $7.62 and last traded at $7.55, with a volume of 67,520 shares traded. The stock had previously closed at $6.86.

Separately, Zacks Investment Research raised Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $8.50 target price for the company in a research report on Saturday, July 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Midcoast Energy Partners currently has a consensus rating of “Hold” and an average target price of $7.70.

The firm has a 50-day moving average of $7.83 and a 200-day moving average of $6.90. The firm’s market capitalization is $341.41 million.

Midcoast Energy Partners (NYSE:MEP) last announced its earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.13. The company earned $427.60 million during the quarter, compared to analysts’ expectations of $642.14 million. During the same quarter last year, the firm posted ($0.06) earnings per share. The firm’s revenue was down 45.2% on a year-over-year basis. On average, equities research analysts predict that Midcoast Energy Partners LP will post ($0.87) earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, August 5th were given a $0.3575 dividend. 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. This represents a $1.43 annualized dividend and a yield of 18.94%.

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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