Mid-Con Energy Partners LP (MCEP) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Mid-Con Energy Partners LP (NASDAQ:MCEP) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

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 up 4.98% on Wednesday, reaching $3.16. 41,463 shares of the company traded hands. Mid-Con Energy Partners has a 1-year low of $0.72 and a 1-year high of $4.05. The stock’s market capitalization is $94.52 million. The company has a 50-day moving average of $2.63 and a 200-day moving average of $2.48.

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

In related news, Director C Fred Ball, Jr. acquired 40,000 shares of the stock in a transaction dated Wednesday, August 17th. The stock was acquired at an average cost of $2.54 per share, for a total transaction of $101,600.00. Following the completion of the purchase, the director now owns 81,310 shares of the company’s stock, valued at approximately $206,527.40. The purchase was disclosed in a document filed with the SEC, which is available through this link. 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. increased its stake in Mid-Con Energy Partners LP (NASDAQ:MCEP) by 66.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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. Institutional investors and hedge funds own 5.22% of the company’s stock.

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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