Current MCEP Stock Info

Reports Quarter-Over-Quarter Production Growth of nearly 30% in Q4’14
Mid-Con Energy Partners (ticker: MCEP), a U.S. E&P master limited partnership (MLP), announced its fourth quarter and full-year 2014 results this week. According to the release, production for fourth quarter 2014 averaged 4,011 BOEPD, an increase of 29.5% sequentially and 57.7% year-over-year. Adjusted EBITDA was $17.8 million, 16.7% more than in Q3’14 and 23.6% more than fourth quarter 2013, showing continued growth. The company’s distributable cash flow (DCF) was $13.5...

Analyst Commentary

Kevin Smith, Raymond James Equity Research 03.04.2015
Mid-Con Energy Partners turned in a strong quarter as it realized the benefits of its recent Eastern Shelf acquisition. However, the company’s liquidity remains constrained and, combined with a relatively light hedge book, has dictated that Mid-Con is in de-levering mode this year. Post the 76% distribution cut, Mid-Con’s distribution coverage ratio is the highest in our coverage universe. That being said, we anticipate that management will wait for oil and gas prices to improve, reduce its leverage ratio, and boost its hedge book before looking to grow its distribution. We maintain our Market Perform rating.  

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