CNX Midstream Partners (NYSE:CNXM) had its target price reduced by Wells Fargo & Co from $28.00 to $24.00 in a report released on Thursday morning. They currently have an outperform rating on the pipeline company’s stock.
Several other research analysts have also recently commented on CNXM. Zacks Investment Research upgraded shares of CNX Midstream Partners from a sell rating to a hold rating in a report on Wednesday. Mitsubishi UFJ Financial Group began coverage on shares of CNX Midstream Partners in a report on Friday, October 5th. They set an overweight rating and a $24.00 price target for the company. Finally, ValuEngine upgraded shares of CNX Midstream Partners from a sell rating to a hold rating in a report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $24.13.
NYSE CNXM traded down $0.05 on Thursday, hitting $18.03. 246,511 shares of the stock were exchanged, compared to its average volume of 162,935. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.08. CNX Midstream Partners has a fifty-two week low of $16.10 and a fifty-two week high of $21.05. The stock has a market capitalization of $1.16 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 0.74 and a beta of 1.70.
CNX Midstream Partners (NYSE:CNXM) last posted its quarterly earnings results on Tuesday, October 30th. The pipeline company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.43 by $0.04. CNX Midstream Partners had a net margin of 47.87% and a return on equity of 21.98%. The company had revenue of $60.97 million during the quarter, compared to analysts’ expectations of $64.72 million. During the same quarter in the previous year, the business posted $0.43 EPS. The firm’s revenue was up 7.6% on a year-over-year basis. On average, equities research analysts expect that CNX Midstream Partners will post 1.73 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 13th. Shareholders of record on Monday, November 5th will be issued a dividend of $0.3479 per share. This represents a $1.39 annualized dividend and a yield of 7.72%. The ex-dividend date of this dividend is Friday, November 2nd. This is a boost from CNX Midstream Partners’s previous quarterly dividend of $0.34. CNX Midstream Partners’s payout ratio is 77.91%.
In other CNX Midstream Partners news, major shareholder Nbl Midstream, Llc sold 14,217,198 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $17.75, for a total transaction of $252,355,264.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Several institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its holdings in shares of CNX Midstream Partners by 52.3% in the 3rd quarter. Wells Fargo & Company MN now owns 101,024 shares of the pipeline company’s stock valued at $1,946,000 after buying an additional 34,683 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of CNX Midstream Partners in the 3rd quarter valued at $437,000. Duff & Phelps Investment Management Co. boosted its holdings in shares of CNX Midstream Partners by 22.2% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 250,500 shares of the pipeline company’s stock valued at $4,822,000 after buying an additional 45,500 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of CNX Midstream Partners in the 2nd quarter valued at $216,000. Finally, Castleark Management LLC boosted its holdings in shares of CNX Midstream Partners by 36.3% in the 2nd quarter. Castleark Management LLC now owns 131,300 shares of the pipeline company’s stock valued at $2,546,000 after buying an additional 35,000 shares in the last quarter. Institutional investors and hedge funds own 29.99% of the company’s stock.
About CNX Midstream Partners
CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. As of December 31, 2017, the company operates 18 compression and dehydration facilities. It also operates condensate handling facilities with handling capacities of 2,500 Bbl/d each in Majorsville, Pennsylvania, as well as Moundsville, West Virginia that provide condensate gathering, collection, separation, and stabilization services.
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