Midcoast Energy Partners LP(NYSE:MEP) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Jul 28, 2016. Company reported revenue of $427.60M. Analysts estimated a revenue of $642.14M. Earnings per share were $-0.16. Analysts had estimated an EPS of $-0.29.
In a different note, On May 3, 2016, Credit Suisse said it Upgrades its rating on Midcoast Energy Partners LP. In the research note, the firm Raises the price-target to $5.00 per share. The shares have been rated ‘Neutral’ by the firm.
Midcoast Energy Partners LP (MEP) shares turned negative on Thursdays trading session with the shares closing down -0.11 points or -1.41% at a volume of 1,93,076. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $8. The peak price level was also seen at $8 while the days lowest was $7.56. Finally the shares closed at $7.67. The 52-week high of the shares is $13.575 while the 52-week low is $3.764. According to the latest information available, the market cap of the company is $347 M.
Several Insider Transactions has been reported to the SEC. On Feb 26, 2016, E Chris Kaitson (Vice President-Law & Asst Sec) purchased 2,250 shares at $3.93 per share price.Also, On Dec 17, 2015, Stephen J Neyland (Vice President – Finance) purchased 3,570 shares at $6.98 per share price.On Dec 17, 2015, David A. Weathers (VP – Business Dev US Midstream) purchased 3,000 shares at $7.00 per share price, according to the Form-4 filing with the securities and exchange commission.
Midcoast Energy Partners L.P. is a natural gas and natural gas liquids (NGL) midstream company operating in the United States. The Company is publicly traded growth-oriented Delaware limited partnership that serves as Enbridge Energy Partners L.P.s (EEPs) primary vehicle for owning and operating its natural gas and NGL midstream business in the United States. The Company operates through two segments: Gathering Processing and Transportation and Logistics and Marketing. The Companys gathering processing and transportation segment is engaged in gathering processing and transporting natural gas and NGL. The logistics and marketing segment primarily markets natural gas NGLs and condensate. The Company owns 51.6% controlling interest in Midcoast Operating L.P. (Midcoast Operating) a Texas limited partnership that owns a network of natural gas and NGL gathering and transportation systems natural gas processing and treating facilities and NGL fractionation facilities.