Insider Buying: Midcoast Energy Partners Director Purchases 1,000 Shares of Stock (MEP)
Midcoast Energy Partners (NYSE:MEP) Director James G. Ivey acquired 1,000 shares of the stock on the open market in a transaction that occurred on Monday, June 23rd. The stock was purchased at an average price of $21.70 per share, with a total value of $21,700.00. Following the completion of the acquisition, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $130,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Barclays raised their price target on shares of Midcoast Energy Partners from $22.00 to $23.00 in a research note on Friday. They now have an “equal weight” rating on the stock. Separately, 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. Finally, 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. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $23.00.
Shares of Midcoast Energy Partners (NYSE:MEP) traded up 0.32% during mid-day trading on Tuesday, hitting $21.81. 3,149 shares of the company’s stock traded hands. Midcoast Energy Partners has a 52 week low of $16.96 and a 52 week high of $22.93. The stock has a 50-day moving average of $21.65 and a 200-day moving average of $20.71. The company has a market cap of $986.2 million and a price-to-earnings ratio of 88.73.
Midcoast Energy Partners (NYSE:MEP) last announced its earnings results on Tuesday, April 29th. The company reported $0.01 EPS for the quarter, missing the Thomson Reuters 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. On average, analysts predict that Midcoast Energy Partners will post $0.45 earnings per share 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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