Zacks Investment Research upgraded shares of Midcoast Energy Partners LP (NYSE:MEP) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The firm currently has $9.50 price target on the stock.
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 8.23 on Wednesday. Midcoast Energy Partners has a 52-week low of $3.76 and a 52-week high of $13.58. The firm’s 50-day moving average is $8.32 and its 200-day moving average is $7.71. The firm’s market capitalization is $372.16 million.
Midcoast Energy Partners (NYSE:MEP) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.13. Midcoast Energy Partners had a negative return on equity of 0.40% and a negative net margin of 3.09%. The business had revenue of $427.60 million for the quarter, compared to analyst estimates of $642.14 million. During the same period last year, the company earned ($0.06) EPS. Midcoast Energy Partners’s revenue for the quarter was down 45.2% compared to the same quarter last year. On average, equities analysts expect that Midcoast Energy Partners will post ($0.87) earnings per share for the current year.
Large investors have recently modified their holdings of the company. Cohen & Steers Inc. acquired a new stake in shares of Midcoast Energy Partners during the second quarter worth $1,093,000. Fifth Third Bancorp raised its stake in shares of Midcoast Energy Partners by 8.0% in the second quarter. Fifth Third Bancorp now owns 17,602 shares of the company’s stock worth $150,000 after buying an additional 1,310 shares in the last quarter. Jacobus Wealth Management Inc. acquired a new stake in shares of Midcoast Energy Partners during the second quarter worth $111,000. Royal Bank of Canada raised its stake in shares of Midcoast Energy Partners by 61.5% in the first quarter. Royal Bank of Canada now owns 116,045 shares of the company’s stock worth $596,000 after buying an additional 44,196 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Midcoast Energy Partners by 43.1% in the first quarter. UBS Group AG now owns 122,037 shares of the company’s stock worth $627,000 after buying an additional 36,779 shares in the last quarter. Hedge funds and other institutional investors own 65.83% of the company’s stock.
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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