Midcoast Energy Partners LP (MEP) Downgraded by Zacks Investment Research to Hold
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) traded down 1.89% during midday trading on Thursday, hitting $8.32. The company had a trading volume of 19,604 shares. The stock has a 50 day moving average of $8.15 and a 200 day moving average of $7.47. Midcoast Energy Partners has a 52-week low of $3.76 and a 52-week high of $13.58. The firm’s market cap is $376.23 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, topping analysts’ consensus estimates of ($0.29) by $0.13. The business had revenue of $427.60 million for the quarter, compared to analysts’ expectations 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 company’s revenue was down 45.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.06) EPS. On average, analysts anticipate that Midcoast Energy Partners will post ($0.87) EPS for the current year.
Large investors have recently made changes to their positions in the stock. UBS Group AG boosted 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 period. Royal Bank of Canada boosted 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 period. Cohen & Steers Inc. bought a new stake in shares of Midcoast Energy Partners during the second quarter worth approximately $1,093,000. Fifth Third Bancorp boosted 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 period. Finally, Jacobus Wealth Management Inc. bought a new stake in shares of Midcoast Energy Partners during the second quarter worth approximately $111,000. Hedge funds and other institutional investors own 65.83% of the company’s stock.
About Midcoast Energy Partners
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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