Markwest Energy Partners Trading Up 5.7% Following Analyst Upgrade (MWE)
Markwest Energy Partners (NYSE:MWE)’s share price rose 5.7% during trading on Monday after Credit Suisse raised their price target on the stock from $82.00 to $83.00, Analyst Ratings News reports. Credit Suisse currently has an outperform rating on the stock. Markwest Energy Partners traded as high as $75.94 and last traded at $74.00, with a volume of 1,685,120 shares trading hands. The stock had previously closed at $70.00.
MWE has been the subject of a number of other recent research reports. Analysts at Barclays raised their price target on shares of Markwest Energy Partners from $70.00 to $76.00 in a research note on Monday. They now have an “equal weight” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Markwest Energy Partners from $70.00 to $72.00 in a research note on Friday. Finally, analysts at Stifel Nicolaus raised their price target on shares of Markwest Energy Partners from $72.00 to $76.00 in a research note on Friday. They now have a “buy” rating on the stock. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Markwest Energy Partners has a consensus rating of “Buy” and an average target price of $78.00.
In other Markwest Energy Partners news, CFO Nancy Buese sold 10,000 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $71.79, for a total transaction of $717,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
The stock has a 50-day moving average of $71.07 and a 200-day moving average of $66.89. The company has a market cap of $12.210 billion and a P/E ratio of 182.29.
Markwest Energy Partners (NYSE:MWE) last released its earnings data on Wednesday, August 6th. The company reported $0.05 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.16 by $0.11. The company had revenue of $518.40 million for the quarter, compared to the consensus estimate of $553.11 million. During the same quarter in the prior year, the company posted $0.55 earnings per share. The company’s quarterly revenue was up 24.9% on a year-over-year basis. On average, analysts predict that Markwest Energy Partners will post $0.82 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 14th. Investors 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 5.03%. The ex-dividend date of this dividend is Friday, August 1st. This is an increase from Markwest Energy Partners’s previous quarterly dividend of $0.87.
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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