Memorial Production Partners (MEMP) is Downgraded by Morgan Stanley to Equal-Weight , according to the research report released to the investors. Earlier the firm had a rating of Overweight on the company shares. The shares recommendation by the Brokerage Firm was released on Dec-30-2015.
The company shares have dropped 79.15% in the past 52 Weeks. On February 26, 2015 The shares registered one year high of $18.71 and one year low was seen on December 22, 2015 at $1.57. The 50-day moving average is $3.29 and the 200 day moving average is recorded at $7.65. S&P 500 has rallied 1.33% during the last 52-weeks.
Shares of Memorial Production Partners LP (NASDAQ:MEMP) appreciated by 87.81% during the past week but lost 18.3% on a 4-week basis. The shares have outperformed the S&P 500 by 82.75% in the past week but underperformed the index by 17.15% in the last 4 weeks.
During the last several months other analysts have commented on the company rating. Equity Analysts at the Brokerage Firm, Barclays, maintains their rating on the shares of Memorial Production Partners LP (NASDAQ:MEMP). Barclays has a Equal-weight rating on the shares. As per the latest research report, the brokerage house lowers the price target to $1.5 per share from a prior target of $6. The rating by the firm was issued on December 18, 2015.
Memorial Production Partners LP (NASDAQ:MEMP) : On Thursday heightened volatility was witnessed in Memorial Production Partners LP (NASDAQ:MEMP) which led to swings in the share price. The shares opened for trading at $2.71 and hit $3.25 on the upside , eventually ending the session at $3.08, with a gain of 12.41% or 0.34 points. The heightened volatility saw the trading volume jump to 2,602,681 shares. The 52-week high of the share price is $18.708 and the company has a market cap of $256 million. The 52-week low of the share price is at $1.57 .
On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, Robbins Gregory M, officer (SVP, Corporate Development) of Memorial Production Partners Lp, unloaded 16,000 shares at an average price of $18 on March 9, 2015. The total amount of the transaction was worth $288,000, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.
Memorial Production Partners LP (NASDAQ:MEMP): The mean short term price target for Memorial Production Partners LP (NASDAQ:MEMP) has been established at $8.56 per share. The higher price target estimate is at $18 and the lower price target estimate is expected at $5 according to 9 Analyst. The stock price is expected to vary based on the estimate which is suggested by the standard deviation value of $3.75
Memorial Production Partners LP is a limited partnership formed by Memorial Resource to own, acquire and exploit oil natural gas properties in North America. In September 2013, Memorial Production Partners LP closed two separate transactions to acquire certain oil and natural gas properties from third parties in East Texas and in the Rockies. In October 2013, the Company acquired oil and natural gas properties in the Permian Basin, East Texas, and the Rockies. In March 2014, Memorial Production Partners LP acquired certain oil and gas producing properties in the Eagle Ford trend from Alta Mesa Holdings, LP. In April 2014, Memorial Production Partners LP acquired certain oil and natural gas producing properties in East Texas, from its sponsor, Memorial Resource Development. In July 2014, Memorial Production Partners LP acquired certain oil producing properties in Wyoming.