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

Memorial Production Partners LP (MEMP) : Shikiar Asset Management Inc reduced its stake in Memorial Production Partners LP by 9.09% during the most recent quarter end. The investment management company now holds a total of 75,000 shares of Memorial Production Partners LP which is valued at $177,000 after selling 7,500 shares in Memorial Production Partners LP , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.Memorial Production Partners LP makes up approximately 0.08% of Shikiar Asset Management Inc’s portfolio.

Memorial Production Partners LP opened for trading at $2.37 and hit $2.74 on the upside on Wednesday, eventually ending the session at $2.7, with a gain of 15.38% or 0.36 points. The heightened volatility saw the trading volume jump to 23,47,372 shares. Company has a market cap of $224 M.

Other Hedge Funds, Including , Advocacy Wealth Management Services sold out all of its stake in MEMP during the most recent quarter. The investment firm sold 1,000 shares of MEMP which is valued $2,360.

On the company’s financial health, Memorial Production Partners LP reported $0.88 EPS for the quarter, beating the analyst consensus estimate by $ 0.93 according to the earnings call on Feb 24, 2016. Analyst had a consensus of $-0.05. The company had revenue of $79.11 million for the quarter, compared to analysts expectations of $111.25 million. The company’s revenue was down -35.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.88 EPS.

Many Wall Street Analysts have commented on Memorial Production Partners LP. Memorial Production Partners LP was Downgraded by Citigroup to ” Neutral” on Mar 21, 2016. Memorial Production Partners LP was Downgraded by BofA/Merrill to ” Underperform” on Feb 23, 2016. Memorial Production Partners LP was Downgraded by Wells Fargo to ” Underperform” on Feb 18, 2016.

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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