Memorial Production Partners LP (NASDAQ:MEMP) shares are trading up huge today after already having quite the bullish day yesterday as well. The combination of oil prices leveling off and beginning somewhat up an upward move, and the recovery we’ve seen with midstream oil stocks, seems to be one of the key driving factors in today’s move.
Interestingly enough, Memorial Production Partners LP (NASDAQ:MEMP) had received a lower price target by Barclays on December 18, which brought the target down from $6.00 to just $1.50. Regardless, investors are bullish on this stock today.
The stock is up 34.26% or $0.62 following the news, hitting $2.43 per share. About 629,060 shares traded hands. MEMP has declined 87.67% since May 20, 2015 and is downtrending. It has underperformed the S&P500 by 85.41%.
From a total of 11 analysts covering Memorial Production Partners (NASDAQ:MEMP) stock, 3 rate it a “Buy”, 2 a “Sell”, and 6 a “Hold”. This means that 27% of the ratings are positive. The highest target price is $16 while the lowest target price is $5. The mean of all analyst targets is $8.50 which is 249.79% above today’s ($2.43) stock price. Memorial Production Partners was the topic of 14 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. FBR Capital maintained shares on November 5 with a “Outperform” rating. JP Morgan downgraded shares to a”Neutral” rating and a $11 target share price in their report from an August 13. UBS downgraded MEMP stock in a recent report from October 27 to a “Sell” rating. RBC Capital Markets downgraded the rating on August 6. RBC Capital Markets has a “Sector Perform” rating and a $9 price target on shares. Finally, Stifel Nicolaus initiated the stock with a “Hold” rating in a report they issued on an October 6.
The institutional sentiment decreased to 0.68 in Q2 2015. It’s down 0.88, from 1.56 in 2015Q2. The ratio turned negative, as 25 funds sold all their Memorial Production Partners LP shares they owned while 28 reduced their positions. 16 funds bought stakes while 20 increased their total positions. Institutions now own 11.72 million shares which is 34.71% less than the previous share count of 17.94 million in 2015Q2.
Pinnacle Summer Investments Inc. holds 0.94% of its total portfolio in Memorial Production Partners LP, equating to 1.46 million shares. Petrus Trust Company Lta owns 350,000 shares representing 0.36% of their total US portfolio. Moreover, Penbrook Management Llc has 0.31% of their total portfolio invested in the company, equating to 61,200 shares. The Texas-based Cushing Asset Management Lp has a total of 0.28% of their portfolio invested in the stock. Shikiar Asset Management Inc, a New York-based fund reported 80,500 shares owned.
Memorial Production Partners LP focuses on owning, acquiring and exploiting oil and natural gas properties in North America. The company has a market cap of $160.86 million. The Partnership is owned 99.9% by its limited partners and 0.1% by its general partner, which is a wholly owned subsidiary of Memorial Resource. It currently has negative earnings. The Company’s general partner is responsible for managing all of the Partnership’s activities and activities.