Midcoast Energy Partners LP (MEP) Stock Price Down 2.6%
Shares of Midcoast Energy Partners LP (NYSE:MEP) fell 2.6% during mid-day trading on Tuesday . The stock traded as low as $8.83 and last traded at $8.93, with a volume of 63,839 shares. The stock had previously closed at $9.17.
Separately, Zacks Investment Research upgraded Midcoast Energy Partners from a “hold” rating to a “buy” rating and set a $9.25 price target for the company in a research note on Tuesday, July 12th.
The firm’s market capitalization is $392.06 million. The firm’s 50 day moving average is $7.96 and its 200 day moving average is $7.30.
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Midcoast Energy Partners (NYSE:MEP) last posted its earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.13. The firm had revenue of $427.60 million for the quarter, compared to analyst estimates of $642.14 million. Midcoast Energy Partners had a negative return on equity of 0.40% and a negative net margin of 3.09%. The company’s revenue for the quarter was down 45.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) earnings per share. Analysts forecast that Midcoast Energy Partners LP will post ($0.87) earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cohen & Steers Inc. acquired a new position in Midcoast Energy Partners during the second quarter valued at $29,840,000. Royal Bank of Canada raised its position in Midcoast Energy Partners by 61.5% in the first quarter. Royal Bank of Canada now owns 116,045 shares of the company’s stock valued at $596,000 after buying an additional 44,196 shares in the last quarter. UBS Group AG raised its position in Midcoast Energy Partners by 43.1% in the first quarter. UBS Group AG now owns 122,037 shares of the company’s stock valued at $627,000 after buying an additional 36,779 shares in the last quarter. Jacobus Wealth Management Inc. acquired a new position in Midcoast Energy Partners during the second quarter valued at $111,000. Finally, Fifth Third Bancorp raised its position in Midcoast Energy Partners by 8.0% in the second quarter. Fifth Third Bancorp now owns 17,602 shares of the company’s stock valued at $150,000 after buying an additional 1,310 shares in the last quarter. Hedge funds and other institutional investors own 65.83% of the company’s stock.
About Midcoast Energy Partners
Midcoast Energy Partners, L.P. is a limited partnership that serves as Enbridge Energy Partners, L.P.’s primary vehicle for owning and operating its natural gas and natural gas liquids (NGLs) midstream business in the United States. The Company operates through two segments: Gathering, Processing and Transportation, and Logistics and Marketing.
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