Insider Buying: James G. Ivey Acquires 1,000 Shares of Midcoast Energy Partners Stock (MEP)
Midcoast Energy Partners (NYSE:MEP) Director James G. Ivey acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was purchased at an average price of $21.70 per share, for a total transaction of $21,700.00. Following the acquisition, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $130,200. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of Midcoast Energy Partners (NYSE:MEP) opened at 21.78 on Wednesday. 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 $21.67 and a 200-day moving average of $20.74. The company has a market cap of $984.9 million and a P/E ratio of 88.73.
Midcoast Energy Partners (NYSE:MEP) last issued its quarterly earnings data 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. Analysts expect that Midcoast Energy Partners will post $0.45 EPS for the current fiscal year.
A number of analysts have recently weighed in on MEP shares. 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, June 20th. 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 research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $23.00.
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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