Insider Buying: Midcoast Energy Partners VP Purchases 1,000 Shares of Stock (MEP)
Midcoast Energy Partners (NYSE:MEP) VP Janet L. Coy bought 1,000 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $20.48 per share, for a total transaction of $20,480.00. Following the completion of the acquisition, the vice president now directly owns 1,000 shares in the company, valued at approximately $20,480. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Global Hunter Securities cut their price target on shares of Midcoast Energy Partners to $23.00 in a research note on Friday, August 1st. 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, August 1st. Finally, analysts at Barclays reiterated an “equal weight” rating on shares of Midcoast Energy Partners in a research note on Friday, August 1st. They now have a $22.00 price target on the stock, down previously from $23.00. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $22.86.
Shares of Midcoast Energy Partners (NYSE:MEP) opened at 20.94 on Tuesday. Midcoast Energy Partners has a 52 week low of $16.96 and a 52 week high of $23.54. The stock’s 50-day moving average is $21. and its 200-day moving average is $21.26. The company’s market cap is $946.9 million.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 14th. Shareholders of record on Thursday, August 7th will be given a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a yield of 6.07%. The ex-dividend date of this dividend is Tuesday, August 5th. This is a positive change 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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