Midcoast Energy Partners LP (NYSE:MEP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday.
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. “
Shares of Midcoast Energy Partners (NYSE:MEP) opened at 8.51 on Thursday. Midcoast Energy Partners has a 12-month low of $3.76 and a 12-month high of $13.58. The firm’s market cap is $384.82 million. The stock has a 50 day moving average price of $8.11 and a 200 day moving average price of $7.46.
Midcoast Energy Partners (NYSE:MEP) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.16) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.13. The company had revenue of $427.60 million for the quarter, compared to analyst estimates of $642.14 million. Midcoast Energy Partners had a negative return on equity of 0.40% and a negative net margin of 3.09%. The firm’s quarterly revenue was down 45.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) earnings per share. On average, equities analysts expect that Midcoast Energy Partners will post ($0.87) earnings per share for the current year.
A number of large investors have recently modified their holdings of the company. Jacobus Wealth Management Inc. acquired a new stake in shares of Midcoast Energy Partners during the second quarter worth $111,000. Fifth Third Bancorp increased 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 during the last quarter. Royal Bank of Canada increased 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 during the last quarter. UBS Group AG increased 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 during the last quarter. Finally, Cohen & Steers Inc. acquired a new stake in shares of Midcoast Energy Partners during the second quarter worth $1,093,000. Institutional investors and hedge funds 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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