Home / Basic Materials / Memorial Production Partners LP (MEMP) Leads Basic Materials Laggards with a drop of 4.19% on September 22

Memorial Production Partners LP (MEMP) Leads Basic Materials Laggards with a drop of 4.19% on September 22

Memorial Production Partners LP (MEMP” target=”_new”>MEMP) was one of the weakest stocks in the basic materials sector of the NYSE and NASDAQ listed companies on September 22, skidding 4.19% to close the day at $1.6 after closing the day prior at $1.67. Throughout the day, shares of MEMP” target=”_new”>MEMP traded as high as $1.75 and as low as $1.6. Today’s decline came with about 270,240 shares changing hands, compared to an average 30-day volume of 358,398 for Memorial Production Partners LP. The price is currently below the 30-day volume weighted average price of $1.65 for MEMP” target=”_new”>MEMP.

The share depreciation gives the company a market capitalization of $139.42 million based upon 83.48 million shares outstanding. It also means that MEMP has a price-to-book ratio of 0.31:1.

In the past 52 weeks, shares of MEMP” target=”_new”>MEMP have traded as low as $1.34 and as high as $7.05. Technical traders will take note that at $1.6, shares of MEMP” target=”_new”>MEMP are trading below their 200-day MA at $2.03 and below their 50-day MA at $1.77. 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 below them is typically regarded as bearish.

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 in Houston, TX.

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