Insider Buying: Robert A. Innamorati Acquires 21,344 Shares of Memorial Production Partners Stock (MEMP)
Memorial Production Partners (NASDAQ:MEMP) Director Robert A. Innamorati acquired 21,344 shares of the company’s stock in a transaction dated Friday, June 6th. The stock was purchased at an average price of $22.48 per share, with a total value of $479,813.12. Following the completion of the purchase, the director now directly owns 57,411 shares of the company’s stock, valued at approximately $1,290,599. The transaction was disclosed in a document filed with the SEC, which is available at this link.
A number of research firms have recently commented on MEMP. Analysts at Oppenheimer reiterated an “outperform” rating on shares of Memorial Production Partners in a research note on Friday, May 9th. They now have a $24.00 price target on the stock, down previously from $25.00. Separately, analysts at Wells Fargo & Co. downgraded shares of Memorial Production Partners from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 7th. Finally, analysts at Raymond James raised their price target on shares of Memorial Production Partners from $24.00 to $26.00 in a research note on Tuesday, May 6th. They now have a “strong-buy” rating on the stock. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Memorial Production Partners has a consensus rating of “Buy” and a consensus price target of $24.70.
Shares of Memorial Production Partners (NASDAQ:MEMP) traded up 0.26% during mid-day trading on Tuesday, hitting $22.86. 203,736 shares of the company’s stock traded hands. Memorial Production Partners has a 1-year low of $18.19 and a 1-year high of $24.00. The stock has a 50-day moving average of $22.4 and a 200-day moving average of $21.99. The company’s market cap is $1.400 billion. Memorial Production Partners also saw a significant increase in short interest in May. As of May 30th, there was short interest totalling 738,003 shares, an increase of 44.3% from the May 15th total of 511,279 shares. Based on an average daily trading volume, of 244,383 shares, the short-interest ratio is currently 3.0 days. Approximately 1.3% of the company’s stock are sold short.
Memorial Production Partners (NASDAQ:MEMP) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.56) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.42 by $0.98. The company had revenue of $100.90 million for the quarter, compared to the consensus estimate of $106.47 million. During the same quarter last year, the company posted ($0.14) earnings per share. Memorial Production Partners’s revenue was up 48.2% compared to the same quarter last year. Analysts expect that Memorial Production Partners will post $2.03 EPS for the current fiscal year.
Memorial Production Partners LP, is a limited partnership formed by Memorial Resource to own, acquire and exploit oil natural gas properties in North America.
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