Trust Asset Management buys $2,853,654 stake in Memorial Production Partners LP (MEMP)

Memorial Production Partners LP (MEMP) : Trust Asset Management scooped up 598,960 additional shares in Memorial Production Partners LP during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 19, 2016. The investment management firm now holds a total of 1,678,620 shares of Memorial Production Partners LP which is valued at $2,853,654.Memorial Production Partners LP makes up approximately 1.31% of Trust Asset Management’s portfolio.

Other Hedge Funds, Including , Cutler Group Lp reduced its stake in MEMP by selling 3,357 shares or 24.57% in the most recent quarter. The Hedge Fund company now holds 10,307 shares of MEMP which is valued at $18,656.Raymond James Trust N.a. reduced its stake in MEMP by selling 1,610 shares or 5.04% in the most recent quarter. The Hedge Fund company now holds 30,333 shares of MEMP which is valued at $55,813.

Memorial Production Partners LP closed down -0.05 points or -2.86% at $1.7 with 3,70,977 shares getting traded on Wednesday. Post opening the session at $1.72, the shares hit an intraday low of $1.7 and an intraday high of $1.75 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Memorial Production Partners LP reported $-0.46 EPS for the quarter, missing the analyst consensus estimate by $ -0.43 based on the information available during the earnings call on May 4, 2016. Analyst had a consensus of $-0.03. The company had revenue of $60.90 million for the quarter, compared to analysts expectations of $142.34 million. The company’s revenue was down -34.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-1.90 EPS.

Memorial Production Partners LP (the Partnership) focuses on owning acquiring and exploiting oil and natural gas properties in North America. The Partnership is owned 99.9% by its limited partners and 0.1% by its general partner which is a wholly owned subsidiary of Memorial Resource. Its general partner is responsible for managing all of the Partnership’s operations and activities. The Partnership operates in one reportable segment whose business activities are conducted through OLLC its wholly owned subsidiary and its wholly owned subsidiaries. Its assets consist primarily of producing oil and natural gas properties and are located in Texas Louisiana Colorado Wyoming New Mexico and offshore Southern California. Most of its oil and natural gas properties are located in oil and natural gas reservoirs with geologic characteristics and production profiles and capital requirements.

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