Midday Update: Memorial Production Partners LP (MEMP) Charges Ahead 23.53% on August 3

Memorial Production Partners LP (MEMP) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector during morning trading on August 3. At the lunch break, shares of MEMP have gained 23.53% to $1.68 after closing the day prior at $1.36. In the first two and a half hours of trading, the stock has gone as high as $1.7 and as low as $1.4. Today's rise has come with about 651,247 shares changing hands, compared to an average 30-day volume of 396,900 for Memorial Production Partners LP. The price is currently below the 30-day volume weighted average price of $1.6 for MEMP.

The share appreciation gives the company a market capitalization of $115.23 million based upon 82.9 million shares outstanding. It also means that MEMP has a price-to-book ratio of 0.21:1.

In the past 52 weeks, shares of MEMP have traded as low as $1.34 and as high as $9.44. Technical traders will take note that at $1.68, shares of MEMP are trading below their 200-day MA at $2.52 and below their 50-day MA at $1.86. 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 John A. Weinzierl from the corporate headquarters at 500 Dallas Street in Houston, TX.

For more information on MEMP and other companies trading on the major exchanges, as well as the over the counter markets, or to be considered for contributing content for our distribution network, visit FinancialPress.com today.

FinancialPress.com is a leading publisher of market and investment news, commentary, proprietary research and videos from seasoned journalists, analysts and contributors covering the financial markets and global economies. Leveraging our extensive distribution network and social media presence, we have cultivated a valuable audience of engaged market enthusiasts, which in turn delivers a variety of unique opportunities for industry partnerships, corporate communications, market exposure and investment. A complete disclaimer can be viewed here.

News by QuoteMedia

www.quotemedia.com