Markwest Energy Partners (MWE) Releases Quarterly Earnings, Misses Expectations By $0.11 EPS
Markwest Energy Partners (NYSE:MWE) announced its earnings results on Wednesday. The company reported $0.05 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.16 by $0.11, ARN reports. The company had revenue of $518.40 million for the quarter, compared to the consensus estimate of $553.11 million. During the same quarter last year, the company posted $0.55 earnings per share. Markwest Energy Partners’s revenue was up 24.9% compared to the same quarter last year.
In other Markwest Energy Partners news, CFO Nancy Buese sold 10,000 shares of the company’s stock on the open market in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $71.79, for a total value of $717,900.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Markwest Energy Partners (NYSE:MWE) traded down 0.95% on Wednesday, hitting $68.55. 696,941 shares of the company’s stock traded hands. Markwest Energy Partners has a 52 week low of $58.62 and a 52 week high of $76.02. The stock has a 50-day moving average of $70.93 and a 200-day moving average of $66.83. The company has a market cap of $11.138 billion and a P/E ratio of 180.23.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 14th. Stockholders of record on Tuesday, August 5th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 5.13%. The ex-dividend date of this dividend is Friday, August 1st. This is a boost from Markwest Energy Partners’s previous quarterly dividend of $0.87.
A number of research firms have recently commented on MWE. Analysts at Wunderlich upgraded shares of Markwest Energy Partners from a “hold” rating to a “buy” rating in a research note on Tuesday, July 29th. They now have a $83.00 price target on the stock, up previously from $68.00. On the ratings front, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Markwest Energy Partners in a research note on Friday, July 25th. They now have a $82.00 price target on the stock, up previously from $72.00. Finally, analysts at Global Hunter Securities downgraded shares of Markwest Energy Partners from a “buy” rating to an “accumulate” rating in a research note on Wednesday, July 23rd. They now have a $79.00 price target on the stock, up previously from $70.00. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $75.82.
MarkWest Energy Partners, L.P. (NYSE:MWE) is a master limited partnership engaged in the gathering, processing and transportation of natural gas; the transportation, fractionation, storage and marketing of natural gas liquids (NGLs), and the gathering and transportation of crude oil.
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