Midcoast Energy Partners Given Average Recommendation of “Hold” by Analysts (NYSE:MEP)
Shares of Midcoast Energy Partners (NYSE:MEP) have been given a consensus rating of “Hold” by the ten brokerages that are covering the stock, American Banking News.com reports. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $22.86.
A number of research firms have recently commented on MEP. Analysts at Global Hunter Securities cut their price target on shares of Midcoast Energy Partners to $23.00 in a research note on Friday. Separately, analysts at Credit Suisse raised their price target on shares of Midcoast Energy Partners from $24.00 to $25.00 in a research note on Friday. Finally, analysts at Barclays reiterated an “equal weight” rating on shares of Midcoast Energy Partners in a research note on Friday. They now have a $22.00 price target on the stock, down previously from $23.00.
Shares of Midcoast Energy Partners (NYSE:MEP) traded up 2.61% during mid-day trading on Monday, hitting $21.25. 27,099 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 $23.54. The stock has a 50-day moving average of $21.63 and a 200-day moving average of $21.24. The company has a market cap of $960.9 million and a P/E ratio of 84.53.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Stockholders of record on Thursday, August 7th will be paid a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a dividend yield of 6.28%. The ex-dividend date is Tuesday, August 5th. This is a boost from Midcoast Energy Partners’s previous quarterly dividend of $0.31.
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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