Mid-Con Energy Partners LP (MCEP) Upgraded by Zacks Investment Research to “Buy”
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 published on Tuesday. They currently have $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. “
Mid-Con Energy Partners (NASDAQ:MCEP) opened at 2.87 on Tuesday. The stock’s 50 day moving average price is $2.59 and its 200 day moving average price is $2.46. Mid-Con Energy Partners has a 12-month low of $0.72 and a 12-month high of $4.05. The company’s market cap is $85.85 million.
Mid-Con Energy Partners (NASDAQ:MCEP) last posted its earnings results on Monday, August 1st. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of $0.13 by $0.65. The firm earned $4.69 million during the quarter, compared to the consensus estimate of $20.66 million. Mid-Con Energy Partners had a negative net margin of 141.44% and a positive return on equity of 5.23%. Mid-Con Energy Partners’s revenue for the quarter was down 63.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.26) earnings per share. Equities research analysts anticipate that Mid-Con Energy Partners will post ($0.63) EPS for the current year.
In other Mid-Con Energy Partners news, Director C Fred Ball, Jr. bought 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The stock was acquired 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 of the company’s stock, valued at approximately $206,527.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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. raised its stake in Mid-Con Energy Partners LP (NASDAQ:MCEP) by 66.3% during the second quarter, according to its most recent disclosure with the 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 1.16% of Mid-Con Energy Partners worth $665,000 as of its most recent SEC filing. 5.17% of the stock is owned by 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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