Midcoast Energy Partners, L.P. (NYSE:MEP) near 52-week low, short interest down

Midcoast Energy Partners, L.P. (NYSE:MEP) (TREND ANALYSIS) shares were traded with a significant increase in volume. The stock closed last trading session at $10.2, down by -1.54%, with a volume of 156,910 shares against an average volume for the last 3 months of 88,425.

Stock Performance: Click here for a free comprehensive Trend Analysis Report

Midcoast Energy Partners, L.P. (NYSE:MEP) stock is currently trading 59.41% below its 52-week-high, 0.89% above its 52-week-low. The 1-year stock price history is in the range of $10.11 – $25.13. Midcoast Energy Partners, L.P. (MEP) has a price to earnings ratio of 10.77 versus Basic Materials sector average of 38.56. MEP stock price has underperformed the S&P 500 by 22.4%. The Oil & Gas E&P company is currently valued at $0.46 billion and its share price closed the last trading session at $10.2. The stock has a 50-day moving average of $11.85 and a 200-day moving average of $13.26.

Midcoast Energy Partners, L.P. (MEP) current short interest stands at 0.29 million shares. It has decreased by 1% from the same period of last month. Around 2% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.11 million shares, the number of days required to cover the short positions stand at 2.7 days.

The company is expected to announce next quarter earnings on July 30, at consensus estimate of $-0.04. Midcoast Energy Partners, L.P. (MEP) reported last quarter earnings on April 29. The Oil & Gas E&P company announced earnings per share of $-0.06 against a consensus Street estimate of $0, missing estimate by $0.06. This corresponds to an increase of $0.02 compared to the same quarter of the previous fiscal year.

Is this a Buying Opportunity? Click here for a free Trend Analysis Report

There are currently nine analysts that cover Midcoast Energy Partners, L.P. stock. Of those nine, one has a Buy rating, five have a Hold rating and three have a Sell rating. On a consensus basis this yields to a Hold rating. The consensus target price stands at $14.06.

A recent analyst activity consisted of JP Morgan downgrading their Neutral rating to Underweight on May 4. JP Morgan decreased price target from $15 to $13. This corresponds to a 27.45% upside from the last closing price. On the date of report, the stock closed at $13.09.

Barclays reiterated their Equal-weight stance on the same day, and decreased their price target from $17 to $16. This corresponds to a 56.86% upside from the last closing price. On the date of report, the stock closed at $13.09.

Company profile

Midcoast Energy Partners, L.P. is engaged in gathering, processing, treating, transporting, and marketing natural gas and natural gas liquids (NGL) the Gulf Coast and Mid-Continent regions of the United States. The company gathers unprocessed and untreated natural gas from wellhead locations and other receipt points; processing the natural gas to remove NGLs and impurities; and transports and processes natural gas and NGLs to intrastate and interstate pipelines for transportation to various customers and market outlets. It also markets natural gas and NGLs to wholesale customers. The company operates approximately 11,600 miles of natural gas gathering and transportation lines; and approximately 226 miles of NGL gathering and transportation lines, as well as approximately 40-mile crude oil pipeline. The company was founded in 2013 and is headquartered in Houston, Texas. Midcoast Energy Partners, L.P. is a subsidiary of Enbridge Energy Partners L.P.

Midcoast Energy Partners, L.P. (NYSE:MEP) near 52-week low, short interest down was last modified: July 6th, 2015 by Donna Crepeau