Mid-Con Energy Partners LP (MCEP) reported quarterly earnings results on Monday, May-2-2016. The company reported $-0.11 earnings per share for the quarter, missing the analyst consensus estimate by $-0.19. Analysts had a consensus of $0.08. The company posted revenue of $13.84 million in the period, compared to analysts expectations of $23.95 million. The company’s revenue was down -28.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.14 EPS.
Many Wall Street Analysts have commented on Mid-Con Energy Partners LP. Mid-Con Energy Partners LP was Downgraded by Wells Fargo to ” Underperform” on Feb 18, 2016.
Mid-Con Energy Partners LP opened for trading at $3.73 and hit $3.99 on the upside on Wednesday, eventually ending the session at $3.95, with a gain of 8.82% or 0.32 points. The heightened volatility saw the trading volume jump to 5,89,395 shares. Company has a market cap of $118 M.
In a different news, on Mar 7, 2016, Cameron O. Smith (director) purchased 5,000 shares at $1.11 per share price. According to the SEC, on Dec 17, 2015, C Fred Jr Ball (director) purchased 15,000 shares at $1.15 per share price. On Dec 16, 2015, Michael David Peterson (CFO) purchased 10,000 shares at $1.15 per share price, according to the Form-4 filing with the securities and exchange commission.
Mid-Con Energy Partners LP engages in the acquisition exploitation and development of producing oil and natural gas properties in North America with a focus on Enhanced Oil Recovery (EOR). The Company’s properties are located in the Mid-Continent region of the United States in five core areas: Southern Oklahoma Northeastern Oklahoma parts of Oklahoma and Colorado within the Hugoton West Texas within the Eastern Shelf of the Permian and upper Texas Gulf Coast. The Company operates approximately 99% of its properties through its affiliate Mid-Con Energy Operating LLC. All of its non-operated wells are managed by third-party operators who are independent oil and natural gas companies. The Company designs and manages the development recompletion or work-over for all of the wells it operates and supervises operation and maintenance activities.