Mid-Con Energy Partners LP (MCEP) Upgraded at Zacks Investment Research

Mid-Con Energy Partners LP (NASDAQ:MCEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $3.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 7.53% 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) opened at 2.79 on Tuesday. The firm’s market capitalization is $83.45 million. The company’s 50-day moving average price is $2.57 and its 200-day moving average price is $2.45. Mid-Con Energy Partners has a 52-week low of $0.72 and a 52-week high of $4.05.

Mid-Con Energy Partners (NASDAQ:MCEP) last announced its earnings results on Monday, August 1st. The company reported ($0.52) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by $0.65. The company earned $4.69 million during the quarter, compared to analyst estimates 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%. Mid-Con Energy Partners’s revenue for the quarter was down 63.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.26) earnings per share. On average, equities research analysts expect that Mid-Con Energy Partners will post ($0.63) EPS for the current fiscal year.

In related news, Director C Fred Ball, Jr. bought 40,000 shares of Mid-Con Energy Partners stock in a transaction that occurred on Wednesday, August 17th. The stock was purchased at an average cost of $2.54 per share, with a total value of $101,600.00. Following the purchase, the director now owns 81,310 shares in the company, valued at $206,527.40. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.30% of the stock is currently owned by corporate insiders.

An institutional investor recently raised its position in Mid-Con Energy Partners stock. Wedbush Securities Inc. raised its position 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 firm owned 344,800 shares of the company’s stock after buying an additional 137,500 shares during the period. Wedbush Securities Inc. owned approximately 1.16% of Mid-Con Energy Partners worth $665,000 at the end of the most recent quarter. 5.17% of the stock is currently 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.

5 Day Chart for NASDAQ:MCEP

Get a free copy of the Zacks research report on Mid-Con Energy Partners (MCEP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Mid-Con Energy Partners LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mid-Con Energy Partners LP and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply

© 2006-2016 Mideast Time.