Mid-Con Energy Partners LP Units (MCEP)

[Timothy Smith]

Mid-Con Energy Partners (MCEP -6.7%) tumbles as analysts at Wunderlich cut their price target to $3 from $4 while reiterating their Hold rating based on risks associated with upcoming borrowing base re-determination.

The firm notes that MCEP recently announced that its chief engineer was resigning and although the company termed the separation as "amicable," the news is ill-timed with the borrowing base re-determination on the horizon.

MCEP's revolver is 91% drawn currently, and Wunderlich expects a 15%-20% reduction in the borrowing base, which leaves MCEP needing $13M-$25M over the next 60 days.