Zacks Investment Research Lowers Mid-Con Energy Partners LP (MCEP) to Hold
Mid-Con Energy Partners LP (NASDAQ:MCEP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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 Wednesday. Mid-Con Energy Partners has a 12-month low of $0.72 and a 12-month high of $4.05. The stock has a 50 day moving average price of $2.59 and a 200-day moving average price of $2.46. The stock’s market cap is $85.85 million.
Mid-Con Energy Partners (NASDAQ:MCEP) last issued its quarterly 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. Mid-Con Energy Partners had a positive return on equity of 5.23% and a negative net margin of 141.44%. The business 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) earnings per share. The company’s quarterly revenue was down 63.2% compared to the same quarter last year. Equities analysts anticipate that Mid-Con Energy Partners will post ($0.63) EPS for the current fiscal year.
In other Mid-Con Energy Partners news, Director C Fred Ball, Jr. purchased 40,000 shares of the business’s stock in a transaction on Wednesday, August 17th. The shares were purchased at an average cost of $2.54 per share, with a total value of $101,600.00. Following the transaction, 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 document filed with the SEC, which is accessible through the SEC website. Company insiders own 7.30% of the company’s stock.
A hedge fund recently raised its stake 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 filing with the Securities and Exchange Commission (SEC). The fund 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 quarter. Institutional investors and hedge funds own 5.17% of the company’s stock.
About Mid-Con Energy Partners
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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