Midcoast Energy Partners LP (MEP) reported quarterly earnings results on Monday, May-2-2016. The company said it had a profit of $-0.12 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $-0.17. The company posted revenue of $431.90 million in the period, compared to analysts expectations of $798.12 million. The company’s revenue was down -50.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.06 EPS.
Many Wall Street Analysts have commented on Midcoast Energy Partners LP. Midcoast Energy Partners LP was Initiated by Morgan Stanley to “Underweight” on Feb 25, 2016. Shares were Reiterated by Barclays on Feb 18, 2016 to “Equal Weight” and Lowered the Price Target to $ 7 from a previous price target of $10 .Midcoast Energy Partners LP was Downgraded by Credit Suisse to ” Underperform” on Feb 18, 2016.
Midcoast Energy Partners LP opened for trading at $7.02 and hit $7.48 on the upside on Wednesday, eventually ending the session at $7.48, with a gain of 7.01% or 0.49 points. The heightened volatility saw the trading volume jump to 2,00,036 shares. Company has a market cap of $338 M.
In a different news, on Feb 26, 2016, E Chris Kaitson (Vice President-Law & Asst Sec) purchased 2,250 shares at $3.93 per share price. According to the SEC, 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.