November 3, 2016 - 10:35 AM EDT
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Memorial Production Partners LP (MEMP) Boosts Basic Materials Sector with Early Advance of 4.85% on November 3

Memorial Production Partners LP (MEMP” target=”_new”>MEMP) is one of the best performing stocks in the basic materials sector for companies listed on the New York Stock Exchange or NASDAQ exchange shortly after the opening bell on November 3. Shares of MEMP” target=”_new”>MEMP have climbed 4.85% about 30 minutes into the session to $0.43 after closing the day prior at $0.41. It’s early, but the stock has traded as high as $0.44 and as low as $0.42 so far. Today’s quick advance has come with about 88,420 shares changing hands, compared to an average 30-day volume of 1.16 million for Memorial Production Partners LP. The price is currently below the 30-day volume weighted average price of $0.43 for MEMP” target=”_new”>MEMP.

The share appreciation gives the company a market capitalization of $34.25 million based upon 83.48 million shares outstanding. It also means that MEMP has a price-to-book ratio of 0.1:1 and a price-to-earnings ratio of :1.

In the past 52 weeks, shares of MEMP” target=”_new”>MEMP have traded as low as $0.4 and as high as $5.88. Technical traders will take note that at $0.43, shares of MEMP” target=”_new”>MEMP are trading below their 200-day MA at $1.94 and below their 50-day MA at $1.58. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.

Who is MEMP?

Memorial Production Partners LP through its subsidiary is engaged in the acquisition, exploitation, development and production of oil and natural gas properties. The company’s employees are led by CEO William J. Scarff from the corporate headquarters at 500 Dallas Street.

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Source: Financial Press News (November 3, 2016 - 10:35 AM EDT)

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