Mid-Con Energy Partners LP (MCEP) shares are trading at higher $2.62.
To add more color to this target, the company’s high over the last year is $11.20 and the low is $1.14. Over the last 52 weeks, MCEP is down -65.53% while the S&P 500 is up 12.53%. The catalyst for this interesting swing was the company’s recent earnings report.
A Notable Earnings Report
In the last quarter, MCEP reported a profit of $-10.76 million. Mid-Con Energy Partners LP also saw revenues decrease to $1.29 million. In addition, MCEP has free cash flow of -$3.66 million as of 06-2020. The company’s EBITDA came in at -$8.76 million which compares well with its peers.
MCEP booked profit margins of -20.40%, its Return on Equity (ROE) is -22.20%, and its Return on Assets is -7.20%. All told, it is clear that, MCEP needs to be on your watchlist.
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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. MCEP has a short ratio of 0.07 and outstanding shares of 14.31M.
MCEP has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 59880.0 and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -6.25. Mid-Con Energy Partners LP MCEP also noted assets of $193.05 million at the end of the last quarter. Investors should also keep an eye on sector updates as MCEP has historically followed its peers on positive news.
All told, Mid-Con Energy Partners LP MCEP has strung together solid data and demonstrated underlying fundamentals. At its current valuation, MCEP represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.
Mid-Con Energy Partners LP MCEP is now commanding a market cap of 38.17M and a float of 12.97M. MCEP is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of MCEP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in MCEP, either long or short, and we have not been compensated for this article.