Zacks Investment Research upgraded shares of Mid-Con Energy Partners LP (NASDAQ:MCEP) from a hold rating to a buy rating in a research note issued to investors on Tuesday. Zacks Investment Research currently has $3.00 price objective on the stock.
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 2.87 on Tuesday. Mid-Con Energy Partners has a 1-year low of $0.72 and a 1-year high of $4.05. The firm’s market cap is $85.85 million. The company’s 50-day moving average price is $2.59 and its 200 day moving average price is $2.46.
Mid-Con Energy Partners (NASDAQ:MCEP) last issued its quarterly earnings results on Monday, August 1st. The company reported ($0.52) earnings per share (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 firm had revenue of $4.69 million for the quarter, compared to the consensus estimate of $20.66 million. During the same period last year, the firm earned ($0.26) EPS. The company’s revenue for the quarter was down 63.2% on a year-over-year basis. On average, analysts predict that Mid-Con Energy Partners will post ($0.63) EPS for the current year.
In other news, Director C Fred Ball, Jr. purchased 40,000 shares of the company’s stock in a transaction on Wednesday, August 17th. The stock was purchased at an average price of $2.54 per share, with a total value of $101,600.00. Following the completion of the purchase, the director now directly owns 81,310 shares in the company, valued at approximately $206,527.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 7.30% of the company’s stock.
An institutional investor recently raised its position in Mid-Con Energy Partners stock. Wedbush Securities Inc. boosted 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 (SEC). 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 at the end of the most recent reporting period. 5.17% of the stock is currently owned by hedge funds and other 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.
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