According to Zacks, “Memorial Production Partners LP focuses on the acquisition and exploitation of oil and gas properties in North America. The Company’s properties are located in South and East Texas and consist of mature, legacy onshore oil and natural gas reservoirs. Memorial Production Partners LP is based in Houston, Texas. “
Separately, Citigroup Inc. reissued a hold rating and issued a $1.80 price target on shares of Memorial Production Partners in a report on Thursday, September 29th. Three analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Memorial Production Partners currently has a consensus rating of Hold and a consensus target price of $3.83.
Shares of Memorial Production Partners (NASDAQ:MEMP) opened at 1.62 on Wednesday. The firm’s market cap is $135.24 million. The firm has a 50-day moving average price of $1.74 and a 200-day moving average price of $1.96. Memorial Production Partners has a 52-week low of $1.34 and a 52-week high of $6.65.
Memorial Production Partners (NASDAQ:MEMP) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($1.78) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $1.77. The firm earned $68.06 million during the quarter, compared to the consensus estimate of $121.62 million. During the same period last year, the business posted ($1.36) earnings per share. The firm’s revenue was up 13.3% on a year-over-year basis. Analysts predict that Memorial Production Partners will post ($2.45) EPS for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Sanders Morris Harris Inc. increased its stake in Memorial Production Partners by 7.6% in the second quarter. Sanders Morris Harris Inc. now owns 3,235,853 shares of the company’s stock worth $6,149,000 after buying an additional 227,820 shares during the period. State Street Corp increased its stake in Memorial Production Partners by 3.9% in the first quarter. State Street Corp now owns 61,081 shares of the company’s stock worth $130,000 after buying an additional 2,286 shares during the period. Arrow Investment Advisors LLC increased its stake in Memorial Production Partners by 42.7% in the second quarter. Arrow Investment Advisors LLC now owns 314,806 shares of the company’s stock worth $598,000 after buying an additional 94,149 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in Memorial Production Partners by 1.4% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 63,381 shares of the company’s stock worth $120,000 after buying an additional 887 shares during the period. Finally, Trust Asset Management LLC increased its stake in Memorial Production Partners by 55.5% in the second quarter. Trust Asset Management LLC now owns 1,678,620 shares of the company’s stock worth $3,189,000 after buying an additional 598,960 shares during the period.
About Memorial Production Partners
Memorial Production Partners LP (the Partnership) owns, acquires and exploits oil and natural gas properties in North America. The Partnership is owned by its limited partners and general partner. Its general partner is responsible for managing all of the Partnership’s operations and activities. The Partnership operates in the acquisition, exploitation, development and production of oil and natural gas properties segment.
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