Zacks Investment Research upgraded shares of CNX Midstream Partners (NYSE:CNXM) from a sell rating to a hold rating in a research report sent to investors on Wednesday. The firm currently has $20.00 price objective on the pipeline company’s stock.
According to Zacks, “CNX Midstream Partners LP is a master limited partnership which owns, operates and develops natural gas gathering and other midstream energy assets primarily in the Marcellus Shale in Pennsylvania and West Virginia. CNX Midstream Partners LP, formerly known as CONE Midstream Partners LP, is based in Canonsburg, PA. “
Other equities analysts also recently issued research reports about the company. Mitsubishi UFJ Financial Group assumed coverage on CNX Midstream Partners in a research report on Friday, October 5th. They set an overweight rating and a $24.00 price target on the stock. ValuEngine raised CNX Midstream Partners from a sell rating to a hold rating in a research report on Friday, August 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $23.75.
CNXM traded up $0.29 on Wednesday, hitting $18.03. 246,511 shares of the company were exchanged, compared to its average volume of 155,249. CNX Midstream Partners has a 12 month low of $16.10 and a 12 month high of $21.05. The firm has a market capitalization of $1.16 billion, a PE ratio of 10.48, a PEG ratio of 0.75 and a beta of 1.56. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.56 and a current ratio of 0.45.
CNX Midstream Partners (NYSE:CNXM) last announced its quarterly earnings results on Tuesday, October 30th. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.04. The firm had revenue of $60.97 million for the quarter, compared to the consensus estimate of $64.72 million. CNX Midstream Partners had a return on equity of 23.69% and a net margin of 47.87%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 earnings per share. On average, research analysts forecast that CNX Midstream Partners will post 1.8 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 13th. Shareholders of record on Monday, November 5th will be given a dividend of $0.3479 per share. This represents a $1.39 dividend on an annualized basis and a yield of 7.72%. The ex-dividend date of this dividend is Friday, November 2nd. This is an increase 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 stock was sold at an average price of $17.75, for a total transaction of $252,355,264.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.
Institutional investors have recently bought and sold shares of the company. Barclays PLC acquired a new position in shares of CNX Midstream Partners in the first quarter valued at approximately $119,000. Stifel Financial Corp acquired a new position in shares of CNX Midstream Partners in the first quarter valued at approximately $200,000. Jane Street Group LLC acquired a new position in shares of CNX Midstream Partners in the second quarter valued at approximately $216,000. Cornerstone Wealth Management LLC acquired a new position in shares of CNX Midstream Partners in the second quarter valued at approximately $600,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of CNX Midstream Partners in the second quarter valued at approximately $271,000. 29.99% of the stock is currently owned by institutional investors.
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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