Short Interest in Memorial Production Partners Expands By 44.3% (MEMP)
Shares of Memorial Production Partners (NASDAQ:MEMP) were the recipient of a large growth in short interest in the month of May. As of May 30th, there was short interest totalling 738,003 shares, a growth of 44.3% from the May 15th total of 511,279 shares, Analyst Ratings News reports. Currently, 1.3% of the shares of the stock are sold short. Based on an average trading volume of 244,383 shares, the days-to-cover ratio is presently 3.0 days.
In other Memorial Production Partners news, Director Robert A. Innamorati acquired 21,344 shares of Memorial Production Partners stock on the open market in a transaction dated Friday, June 6th. The stock was purchased at an average price of $22.48 per share, for a total transaction of $479,813.12. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on MEMP shares. 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 analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $24.70.
Memorial Production Partners (NASDAQ:MEMP) opened at 23.92 on Wednesday. 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 $22.54 and a 200-day moving average of $22.11. The company’s market cap is $1.465 billion.
Memorial Production Partners (NASDAQ:MEMP) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted ($0.14) earnings per share. The company’s revenue for the quarter was up 48.2% on a year-over-year basis. Analysts expect that Memorial Production Partners will post $1.97 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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