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Dec. 28, 2015, 12:40 PM
Dec. 7, 2015, 12:48 PM
Nov. 3, 2015, 3:36 PM
- Mid-Con Energy Partners (MCEP +39%) surges nearly 40% after reporting a bigger than expected increase in Q3 revenue and increasing distributable cash flow over year-ago levels as daily production results came in much higher than the same quarter last year.
- Q3 revenue 7.9% Y/Y to $38.3M, easily surpassing the $26.1M analyst consensus, while production jumped 57% Y/Y and 5.3% Q/Q to 4,859 boe/day and distributable cash flow rose 7.9% Y/Y to $12.4M.
- MCEP says the increase in sequential volumes was mostly attributable to development activities in its northeastern Oklahoma and Permian core areas, while the Y/Y gains also reflected the impact of acquisitions of oil properties in H2 2014.
Nov. 3, 2015, 12:48 PM
Oct. 23, 2015, 12:46 PM
Oct. 22, 2015, 5:37 PM
Oct. 22, 2015, 4:45 PM
- Mid-Con Energy Partners (NASDAQ:MCEP) -4.7% AH after announcing it is suspending its quarterly cash distribution, citing "the current weak and increasingly uncertain outlook for oil prices."
- Additionally, MCEP says Q3 preliminary production results exceed 4.8K boe/day, up 55% Y/Y and MCEP's highest-ever average daily net production.
Oct. 12, 2015, 12:58 PM
- Linn Energy (LINE -10.1%) is downgraded to Underperform from Market Perform with a $2 price target, and Mid-Con Energy Partners (MCEP -9.9%) is cut to Market Perform from Outperform with a $4 target, at FBR Capital.
- The firm says it does not see any residual value for LINE unitholders unless commodity prices improve meaningfully, and it expects another distribution cut at MCEP by the end of 2016.
- However, FBR reiterates Outperform ratings on Atlas Resource Partners (ARP -5.1%), Legacy Reserves (LGCY -8.8%), Memorial Production Partners (MEMP -7.6%) and Vanguard Natural Resources (VNR -4.8%), saying the market is "discounting too dire a scenario" for certain partnerships.
Oct. 5, 2015, 12:46 PM
Sep. 22, 2015, 3:57 PM
- Mid-Con Energy Partners (MCEP -6.7%) tumbles as analysts at Wunderlich cut their price target to $3 from $4 while reiterating their Hold rating based on risks associated with upcoming borrowing base re-determination.
- The firm notes that MCEP recently announced that its chief engineer was resigning and although the company termed the separation as "amicable," the news is ill-timed with the borrowing base re-determination on the horizon.
- MCEP's revolver is 91% drawn currently, and Wunderlich expects a 15%-20% reduction in the borrowing base, which leaves MCEP needing $13M-$25M over the next 60 days.
Jul. 20, 2015, 12:46 PM
Jun. 15, 2015, 12:30 PM
- Wunderlich analyst Jay Dobson finds a few worthwhile investments in an otherwise weak upstream energy exploration MLP sector that has too much debt on average and has suffered from the dramatic decline in oil, natural gas and natural gas liquids prices since late 2014.
- Also, a lack of hedging discipline has left the industry more exposed to the declining prices and, in some cases, with very limited financial flexibility, Dobson says.
- But four Buy-rated MLPs are best positioned for the current energy environment, sharing the attributes of solid liquidity, a runway for improvement, and aggressive action, Dobson says: Memorial Production Partners (MEMP +0.3%), Vanguard Natural Resources (VNR +1.8%), LRR Energy (LRE +3.5%) and Legacy Reserves (LGCY +0.4%).
- Rated Hold: ARP, BBEP, MCEP, NSLP, EVEP
Jan. 23, 2015, 10:49 AM
- Mid-Con Energy Partners (MCEP -7.1%) cuts its quarterly distribution to $0.125 from $0.515 and says it plans a 2015 capital budget of $13M due to lower expected oil prices and anticipated higher capital costs.
- MCEP says it will limit capital spending to include only the most attractive development projects within the portfolio and at levels approximating the surplus from operating cash flow.
- Says it has hedged ~74% of its 2015 forecast oil production at an average price of $76/bbl, with coverage extending to the end of 2016.
Jan. 21, 2015, 12:45 PM
Dec. 18, 2014, 12:47 PM
Dec. 8, 2014, 12:45 PM
Mid-Con Energy Partners LP owns, operates, acquires, exploits and develops oil and natural gas producing properties in North America. The Company's properties are located in the Mid-Continent region of the United States.
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