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. “
Midcoast Energy Partners (NYSE:MEP) opened at 8.2376 on Thursday. Midcoast Energy Partners has a 12-month low of $3.76 and a 12-month high of $13.58. The firm’s 50-day moving average price is $8.20 and its 200 day moving average price is $7.57. The firm’s market cap is $372.50 million.
Midcoast Energy Partners (NYSE:MEP) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. Midcoast Energy Partners had a negative net margin of 3.09% and a negative return on equity of 0.40%. The company earned $427.60 million during the quarter, compared to the consensus estimate of $642.14 million. During the same period in the previous year, the business earned ($0.06) earnings per share. The firm’s quarterly revenue was down 45.2% on a year-over-year basis. Analysts forecast that Midcoast Energy Partners will post ($0.87) earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of the company. Jacobus Wealth Management Inc. bought a new stake in Midcoast Energy Partners during the second quarter worth $111,000. Fifth Third Bancorp raised its position in Midcoast Energy Partners by 8.0% in the second quarter. Fifth Third Bancorp now owns 17,602 shares of the company’s stock valued at $150,000 after buying an additional 1,310 shares during the last quarter. Royal Bank of Canada raised its position in Midcoast Energy Partners by 61.5% in the first quarter. Royal Bank of Canada now owns 116,045 shares of the company’s stock valued at $596,000 after buying an additional 44,196 shares during the last quarter. UBS Group AG raised its position in Midcoast Energy Partners by 43.1% in the first quarter. UBS Group AG now owns 122,037 shares of the company’s stock valued at $627,000 after buying an additional 36,779 shares during the last quarter. Finally, Cohen & Steers Inc. purchased a new position in Midcoast Energy Partners during the second quarter valued at about $1,093,000. 65.83% of the stock is currently owned by hedge funds and other institutional investors.
Midcoast Energy Partners Company Profile
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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