Midcoast Energy Partners LP (NYSE:MEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $9.50 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 10.72% from the stock’s current price.

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. “

Shares of Midcoast Energy Partners (NYSE:MEP) opened at 8.58 on Wednesday. The stock has a 50 day moving average price of $8.31 and a 200 day moving average price of $7.71. The firm’s market capitalization is $387.99 million. Midcoast Energy Partners has a 12-month low of $3.76 and a 12-month high of $13.58.

Midcoast Energy Partners (NYSE:MEP) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.13. Midcoast Energy Partners had a negative return on equity of 0.40% and a negative net margin of 3.09%. The business earned $427.60 million during the quarter, compared to analyst estimates of $642.14 million. During the same period in the prior year, the company posted ($0.06) EPS. The business’s revenue for the quarter was down 45.2% compared to the same quarter last year. Analysts predict that Midcoast Energy Partners will post ($0.87) EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of MEP. Cohen & Steers Inc. purchased a new position in shares of Midcoast Energy Partners during the second quarter worth about $1,093,000. Fifth Third Bancorp raised its position 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 last quarter. Jacobus Wealth Management Inc. purchased a new position in shares of Midcoast Energy Partners during the second quarter worth about $111,000. Royal Bank of Canada raised its position 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 last quarter. Finally, UBS Group AG raised its position 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 last quarter. 65.83% of the stock is owned by hedge funds and other institutional investors.

Midcoast Energy Partners Company Profile

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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