Sfe Investment Counsel Lowers stake in Midcoast Energy Partners LP (MEP)

Midcoast Energy Partners LP (MEP) : Sfe Investment Counsel reduced its stake in Midcoast Energy Partners LP by 30.34% during the most recent quarter end. The investment management company now holds a total of 173,915 shares of Midcoast Energy Partners LP which is valued at $1,353,059 after selling 75,745 shares in Midcoast Energy Partners LP , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Midcoast Energy Partners LP makes up approximately 0.61% of Sfe Investment Counsel’s portfolio.

Other Hedge Funds, Including , Wedbush Securities Inc sold out all of its stake in MEP during the most recent quarter. The investment firm sold 11,300 shares of MEP which is valued $87,914.Simplex Trading boosted its stake in MEP in the latest quarter, The investment management firm added 1,197 additional shares and now holds a total of 5,993 shares of Midcoast Energy Partners LP which is valued at $53,458. Midcoast Energy Partners LP makes up approx 0.01% of Simplex Trading’s portfolio.

Midcoast Energy Partners LP opened for trading at $7.37 and hit $7.92 on the upside on Monday, eventually ending the session at $7.66, with a gain of 4.22% or 0.31 points. The heightened volatility saw the trading volume jump to 1,06,425 shares. Company has a market cap of $346 M.

On the company’s financial health, Midcoast Energy Partners LP reported $-0.16 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $-0.22. The company had revenue of $427.60 million for the quarter, compared to analysts expectations of $368.53 million. The company’s revenue was down -45.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.06 EPS.

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 (EEP’s) 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 Company’s 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.

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