Mid-Con Energy Partners LP (NASDAQ:MCEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $2.00 price target on the stock. Zacks Investment Research’s target price suggests a potential downside of 37.89% from the stock’s previous close.

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. “

Separately, FBR & Co reissued a “hold” rating on shares of Mid-Con Energy Partners in a report on Tuesday, May 3rd.

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Shares of Mid-Con Energy Partners (NASDAQ:MCEP) traded up 0.31% on Tuesday, reaching $3.22. 170,111 shares of the company traded hands. The company’s market capitalization is $96.32 million. Mid-Con Energy Partners has a 52-week low of $0.72 and a 52-week high of $4.05. The firm has a 50-day moving average of $2.73 and a 200-day moving average of $2.53.

Mid-Con Energy Partners (NASDAQ:MCEP) last issued its quarterly earnings results on Monday, August 1st. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by $0.65. The business had revenue of $4.69 million for the quarter, compared to analyst estimates of $20.66 million. Mid-Con Energy Partners had a negative net margin of 141.44% and a positive return on equity of 5.23%. Mid-Con Energy Partners’s revenue for the quarter was down 63.2% on a year-over-year basis. During the same period last year, the business posted ($0.26) earnings per share. On average, equities research analysts forecast that Mid-Con Energy Partners will post ($0.63) earnings per share for the current fiscal year.

In other news, Director C Fred Ball, Jr. bought 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The stock was acquired at an average price of $2.54 per share, with a total value of $101,600.00. Following the completion of the purchase, the director now directly owns 81,310 shares of the company’s stock, valued at approximately $206,527.40. The acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders own 7.30% of the company’s stock.

A hedge fund recently raised its stake in Mid-Con Energy Partners stock. Oppenheimer & Co. Inc. raised its stake in Mid-Con Energy Partners LP (NASDAQ:MCEP) by 44.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 516,669 shares of the company’s stock after buying an additional 157,999 shares during the period. Oppenheimer & Co. Inc. owned approximately 1.73% of Mid-Con Energy Partners worth $997,000 as of its most recent filing with the SEC. 5.22% of the stock is currently owned by institutional investors.

About Mid-Con Energy Partners

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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