Zacks Investment Research Upgrades Mid-Con Energy Partners LP (MCEP) to Buy
Mid-Con Energy Partners LP (NASDAQ:MCEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $3.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential downside of 0.33% from the stock’s current price.
According to Zacks, “Mid-Con Energy Partners LP owns, operates, acquires, exploits and develops producing oil and natural gas properties in North America, with a focus on the Mid-Continent region of the United States. The Company’s core areas of operation are located in Southern Oklahoma, Northeastern Oklahoma and parts of Oklahoma and Colorado within the Hugoton Basin. Mid-Con Energy Partners LP is based in Tulsa, Oklahoma. “
Shares of Mid-Con Energy Partners (NASDAQ:MCEP) traded down 2.90% on Tuesday, hitting $3.01. The stock had a trading volume of 202,326 shares. The firm’s 50 day moving average is $2.63 and its 200-day moving average is $2.48. Mid-Con Energy Partners has a one year low of $0.72 and a one year high of $4.05. The stock’s market capitalization is $90.04 million.
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Mid-Con Energy Partners (NASDAQ:MCEP) last posted its earnings results on Monday, August 1st. The company reported ($0.52) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.65. The business had revenue of $4.69 million for the quarter, compared to the consensus estimate of $20.66 million. Mid-Con Energy Partners had a positive return on equity of 5.23% and a negative net margin of 141.44%. The business’s revenue was down 63.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.26) earnings per share. Equities research analysts expect that Mid-Con Energy Partners will post ($0.63) earnings per share for the current fiscal year.
In other Mid-Con Energy Partners news, Director C Fred Ball, Jr. bought 40,000 shares of Mid-Con Energy Partners stock in a transaction on Wednesday, August 17th. The shares were purchased at an average cost of $2.54 per share, for a total transaction of $101,600.00. Following the completion of the acquisition, the director now owns 81,310 shares in the company, valued at approximately $206,527.40. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 7.30% of the company’s stock.
A hedge fund recently raised its stake in Mid-Con Energy Partners stock. Wedbush Securities Inc. raised its stake in Mid-Con Energy Partners LP (NASDAQ:MCEP) by 66.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 344,800 shares of the company’s stock after buying an additional 137,500 shares during the period. Wedbush Securities Inc. owned about 1.16% of Mid-Con Energy Partners worth $665,000 as of its most recent SEC filing. 5.17% of the stock is owned by institutional investors.
Mid-Con Energy Partners Company Profile
Mid-Con Energy Partners, LP is engaged in the ownership, acquisition, exploitation and development of producing oil and natural gas properties in North America, with a focus on enhanced oil recovery (EOR). The Company’s properties are located in the Mid-Continent and Permian Basin regions of the United States in over five areas: Southern Oklahoma; Northeastern Oklahoma; parts of Oklahoma, Colorado and Texas within the Hugoton; Texas Gulf Coast, and Texas within the Eastern Shelf of the Permian.
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