Memorial Production Partners LP (NASDAQ:MEMP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Memorial Production Partners LP focuses on the acquisition and exploitation of oil and gas properties in North America. The Company’s properties are located in South and East Texas and consist of mature, legacy onshore oil and natural gas reservoirs. Memorial Production Partners LP is based in Houston, Texas. “
Separately, Citigroup Inc. reissued a “hold” rating and issued a $1.80 price target on shares of Memorial Production Partners in a research note on Thursday, September 29th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Memorial Production Partners presently has an average rating of “Hold” and a consensus target price of $3.83.
Memorial Production Partners (NASDAQ:MEMP) traded down 0.59% during mid-day trading on Wednesday, hitting $1.69. 50,510 shares of the stock were exchanged. The company has a 50-day moving average price of $1.77 and a 200-day moving average price of $1.98. Memorial Production Partners has a one year low of $1.34 and a one year high of $6.89. The company’s market cap is $141.09 million.
Memorial Production Partners (NASDAQ:MEMP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($1.78) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $1.77. The company earned $68.06 million during the quarter, compared to analyst estimates of $121.62 million. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the firm posted ($1.36) earnings per share. On average, analysts predict that Memorial Production Partners will post ($2.45) earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the company. Sheaff Brock Investment Advisors LLC raised its stake in Memorial Production Partners by 1.4% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 63,381 shares of the company’s stock valued at $120,000 after buying an additional 887 shares during the period. State Street Corp raised its stake in Memorial Production Partners by 3.9% in the first quarter. State Street Corp now owns 61,081 shares of the company’s stock valued at $130,000 after buying an additional 2,286 shares during the period. Arrow Investment Advisors LLC raised its stake in Memorial Production Partners by 42.7% in the second quarter. Arrow Investment Advisors LLC now owns 314,806 shares of the company’s stock valued at $598,000 after buying an additional 94,149 shares during the period. Trust Asset Management LLC raised its stake in Memorial Production Partners by 55.5% in the second quarter. Trust Asset Management LLC now owns 1,678,620 shares of the company’s stock valued at $3,189,000 after buying an additional 598,960 shares during the period. Finally, Sanders Morris Harris Inc. raised its stake in Memorial Production Partners by 7.6% in the second quarter. Sanders Morris Harris Inc. now owns 3,235,853 shares of the company’s stock valued at $6,149,000 after buying an additional 227,820 shares during the period.
About Memorial Production Partners
Memorial Production Partners LP (the Partnership) owns, acquires and exploits oil and natural gas properties in North America. The Partnership is owned by its limited partners and general partner. Its general partner is responsible for managing all of the Partnership’s operations and activities. The Partnership operates in the acquisition, exploitation, development and production of oil and natural gas properties segment.
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