Midcoast Energy Partners LP (MEP) Stock Rating Upgraded by Zacks Investment Research
Midcoast Energy Partners LP (NYSE:MEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $9.50 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 10.72% from the company’s current price.
According to Zacks, “Midcoast Energy Partners, L.P. engages in providing natural gas services. It focuses on gathering, processing, treating, transporting, and marketing natural gas and natural gas liquids to intrastate and interstate pipelines for transportation. The Company operates in two segments: gathering, processing and transportation and logistics and marketing. Midcoast Energy Partners, L.P. is based in Houston, Texas. “
Shares of Midcoast Energy Partners (NYSE:MEP) opened at 8.58 on Wednesday. The stock’s 50 day moving average price is $8.31 and its 200-day moving average price is $7.71. Midcoast Energy Partners has a 12 month low of $3.76 and a 12 month high of $13.58. The firm’s market cap is $387.99 million.
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Midcoast Energy Partners (NYSE:MEP) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.13. The company had revenue of $427.60 million for the quarter, compared to analyst estimates of $642.14 million. Midcoast Energy Partners had a negative net margin of 3.09% and a negative return on equity of 0.40%. Midcoast Energy Partners’s revenue for the quarter was down 45.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.06) EPS. Equities research analysts anticipate that Midcoast Energy Partners will post ($0.87) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cohen & Steers Inc. purchased a new position in Midcoast Energy Partners during the second quarter valued at $29,840,000. Royal Bank of Canada raised its position in shares of Midcoast Energy Partners by 61.5% in the first quarter. Royal Bank of Canada now owns 116,045 shares of the company’s stock worth $596,000 after buying an additional 44,196 shares during the period. UBS Group AG raised its position in shares of Midcoast Energy Partners by 43.1% in the first quarter. UBS Group AG now owns 122,037 shares of the company’s stock worth $627,000 after buying an additional 36,779 shares during the period. Jacobus Wealth Management Inc. bought a new position in shares of Midcoast Energy Partners during the second quarter worth approximately $111,000. Finally, Fifth Third Bancorp raised its position in shares of Midcoast Energy Partners by 8.0% in the second quarter. Fifth Third Bancorp now owns 17,602 shares of the company’s stock worth $150,000 after buying an additional 1,310 shares during the period. 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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