Zacks Investment Research lowered shares of Memorial Production Partners LP (NASDAQ:MEMP) from a hold rating to a strong sell rating in a report released on Wednesday morning.

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. restated a hold rating and set a $1.80 target price on shares of Memorial Production Partners in a research note on Thursday, September 29th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Memorial Production Partners currently has an average rating of Hold and a consensus price target of $3.83.

Analyst Recommendations for Memorial Production Partners (NASDAQ:MEMP)

Shares of Memorial Production Partners (NASDAQ:MEMP) traded down 0.5893% during mid-day trading on Wednesday, reaching $1.6701. 155,029 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $1.77 and its 200-day moving average price is $1.98. Memorial Production Partners has a 12-month low of $1.34 and a 12-month high of $7.05. The stock’s market cap is $139.43 million.

Memorial Production Partners (NASDAQ:MEMP) last posted its earnings results on Wednesday, August 3rd. The company reported ($1.78) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $1.77. The business had revenue of $68.06 million for the quarter, compared to analyst estimates of $121.62 million. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.36) EPS. Equities research analysts forecast that Memorial Production Partners will post ($2.41) earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. Sheaff Brock Investment Advisors LLC raised its stake in shares of 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. State Street Corp raised its stake in shares of 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 raised its stake in shares of 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. Sanders Morris Harris Inc. raised its stake in shares of 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. Finally, Trust Asset Management LLC raised its stake in shares of 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.

Memorial Production Partners Company Profile

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.

5 Day Chart for NASDAQ:MEMP

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