Trust Asset Management Lowers stake in Memorial Production Partners LP (MEMP)

Memorial Production Partners LP (MEMP) : Trust Asset Management reduced its stake in Memorial Production Partners LP by 4.94% during the most recent quarter end. The investment management company now holds a total of 1,595,745 shares of Memorial Production Partners LP which is valued at $2,680,852 after selling 82,875 shares in Memorial Production Partners LP , the firm said in a disclosure report filed with the SEC on Oct 5, 2016.Memorial Production Partners LP makes up approximately 1.09% of Trust Asset Management’s portfolio.

Memorial Production Partners LP opened for trading at $1.62 and hit $1.69 on the upside on Tuesday, eventually ending the session at $1.63, with a gain of 0.62% or 0.01 points. The heightened volatility saw the trading volume jump to 2,01,687 shares. Company has a market cap of $136 M.

On the company’s financial health, Memorial Production Partners LP reported $-1.78 EPS for the quarter, missing the analyst consensus estimate by $ -1.75 based on the information available during the earnings call on Aug 3, 2016. Analyst had a consensus of $-0.03. The company had revenue of $68.10 million for the quarter, compared to analysts expectations of $103.50 million. The company’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-1.36 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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