Arrow Investment Advisors LLC cut its stake in shares of Crestwood Equity Partners LP (NYSE:CEQP) by 14.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,327 shares of the pipeline company’s stock after selling 2,595 shares during the quarter. Arrow Investment Advisors LLC’s holdings in Crestwood Equity Partners were worth $563,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in CEQP. Alps Advisors Inc. boosted its stake in Crestwood Equity Partners by 6.4% in the 3rd quarter. Alps Advisors Inc. now owns 4,324,505 shares of the pipeline company’s stock worth $158,926,000 after purchasing an additional 261,315 shares during the period. Perella Weinberg Partners Capital Management LP boosted its stake in Crestwood Equity Partners by 139.3% in the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 1,155,129 shares of the pipeline company’s stock worth $36,675,000 after purchasing an additional 672,466 shares during the period. Advisors Asset Management Inc. boosted its stake in Crestwood Equity Partners by 8,381.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,111,527 shares of the pipeline company’s stock worth $723,000 after purchasing an additional 1,098,422 shares during the period. Bank of Montreal Can boosted its stake in Crestwood Equity Partners by 10.7% in the 2nd quarter. Bank of Montreal Can now owns 1,078,759 shares of the pipeline company’s stock worth $34,251,000 after purchasing an additional 104,006 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Crestwood Equity Partners by 45.7% in the 2nd quarter. Renaissance Technologies LLC now owns 422,381 shares of the pipeline company’s stock worth $13,411,000 after purchasing an additional 132,499 shares during the period. Institutional investors own 68.75% of the company’s stock.
CEQP has been the subject of several recent analyst reports. ValuEngine upgraded Crestwood Equity Partners from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Barclays upped their price target on Crestwood Equity Partners from $35.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 29th. SunTrust Banks initiated coverage on Crestwood Equity Partners in a research note on Thursday, July 12th. They issued a “buy” rating and a $36.00 price target for the company. Bank of America initiated coverage on Crestwood Equity Partners in a research note on Tuesday, July 10th. They issued a “buy” rating and a $34.00 price target for the company. Finally, Stifel Nicolaus upped their price target on Crestwood Equity Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $37.50.
Shares of CEQP opened at $32.65 on Friday. The company has a market cap of $2.47 billion, a PE ratio of -28.15, a PEG ratio of 86.63 and a beta of 2.66. Crestwood Equity Partners LP has a 1 year low of $22.15 and a 1 year high of $40.55. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.96 and a current ratio of 1.13.
Crestwood Equity Partners (NYSE:CEQP) last issued its quarterly earnings data on Tuesday, October 30th. The pipeline company reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.32). The firm had revenue of $930.20 million for the quarter, compared to analysts’ expectations of $845.40 million. Crestwood Equity Partners had a positive return on equity of 0.58% and a negative net margin of 3.53%. The firm’s revenue was down 2.7% on a year-over-year basis. During the same period last year, the company earned ($0.72) earnings per share. As a group, equities analysts forecast that Crestwood Equity Partners LP will post 0.1 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be issued a dividend of $0.60 per share. The ex-dividend date is Tuesday, November 6th. This represents a $2.40 annualized dividend and a dividend yield of 7.35%. Crestwood Equity Partners’s dividend payout ratio (DPR) is -206.90%.
About Crestwood Equity Partners
Crestwood Equity Partners LP provides infrastructure solutions to liquids-rich natural gas and crude oil shale plays in the United States. It operates through three segments: Gathering and Processing (G&P); Storage and Transportation (S&T); and Marketing, Supply and Logistics (MS&L). The G&P segment offers gathering and transportation services for natural gas, crude oil, and produced water; and processing, treating, and compression services.
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