Midcoast Energy Partners Receives Consensus Rating of “Hold” from Brokerages (NYSE:MEP)
Shares of Midcoast Energy Partners (NYSE:MEP) have earned an average rating of “Hold” from the ten ratings firms that are currently covering the company, American Banking & Market News reports. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $22.57.
A number of research firms have recently commented on MEP. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Midcoast Energy Partners in a research note on Thursday, June 5th. They now have a $25.00 price target on the stock, up previously from $23.00. Separately, analysts at Global Hunter Securities initiated coverage on shares of Midcoast Energy Partners in a research note on Tuesday, June 3rd. They set an “accumulate” rating and a $24.00 price target on the stock. Finally, analysts at Bank of America downgraded shares of Midcoast Energy Partners to a “neutral” rating in a research note on Wednesday, April 30th.
Shares of Midcoast Energy Partners (NYSE:MEP) traded up 0.23% during mid-day trading on Wednesday, hitting $21.68. 828 shares of the company’s stock traded hands. Midcoast Energy Partners has a one year low of $16.96 and a one year high of $22.93. The stock has a 50-day moving average of $21.82 and a 200-day moving average of $20.52. The company has a market cap of $980.4 million and a price-to-earnings ratio of 88.29.
Midcoast Energy Partners (NYSE:MEP) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by $0.08. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 20.2% on a year-over-year basis. Analysts expect that Midcoast Energy Partners will post $0.46 EPS for the current fiscal year.
Midcoast Energy Partners L.P. is a vehicle for owning and growing its natural gas and natural gas liquids, or natural gas liquid (NYSE:MEP), midstream business in the United States.
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