Drexel Hamilton assumed coverage on shares of Penntex Midstream Partners LP (NASDAQ:PTXP) in a research report issued on Thursday. The firm set a “buy” rating on the stock.

Several other research analysts have also weighed in on the stock. Citigroup Inc. raised their price objective on shares of Penntex Midstream Partners from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, August 10th. Zacks Investment Research raised shares of Penntex Midstream Partners from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Wednesday, July 20th. Deutsche Bank AG set a $20.00 price target on shares of Penntex Midstream Partners and gave the company a “buy” rating in a report on Monday, October 10th. Finally, Wunderlich lifted their price target on shares of Penntex Midstream Partners from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $15.18.

Analyst Recommendations for Penntex Midstream Partners (NASDAQ:PTXP)

Penntex Midstream Partners (NASDAQ:PTXP) traded down 1.41% during trading on Thursday, reaching $16.76. 7,481 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $0.00 and a 200 day moving average price of $0.00. Penntex Midstream Partners has a 1-year low of $8.54 and a 1-year high of $18.00.

The company also recently announced a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, November 7th were given a $0.295 dividend. This is an increase from Penntex Midstream Partners’s previous quarterly dividend of $0.28. This represents a $1.18 annualized dividend and a dividend yield of 6.94%. The ex-dividend date of this dividend was Thursday, November 3rd. Penntex Midstream Partners’s dividend payout ratio (DPR) is 203.45%.

In related news, major shareholder Mrd Midstream Llc sold 2,127,704 shares of the business’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $17.05, for a total transaction of $36,277,353.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

A number of hedge funds have recently bought and sold shares of PTXP. HITE Hedge Asset Management LLC increased its stake in Penntex Midstream Partners by 8.2% in the second quarter. HITE Hedge Asset Management LLC now owns 1,052,722 shares of the company’s stock valued at $16,412,000 after buying an additional 79,437 shares in the last quarter. Societe Generale acquired a new stake in Penntex Midstream Partners during the second quarter valued at approximately $114,000. SG Americas Securities LLC acquired a new stake in Penntex Midstream Partners during the second quarter valued at approximately $114,000. Kayne Anderson Capital Advisors LP increased its stake in Penntex Midstream Partners by 34.9% in the second quarter. Kayne Anderson Capital Advisors LP now owns 673,869 shares of the company’s stock valued at $10,504,000 after buying an additional 174,400 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Penntex Midstream Partners by 997.3% in the second quarter. JPMorgan Chase & Co. now owns 13,881 shares of the company’s stock valued at $216,000 after buying an additional 12,616 shares in the last quarter. 79.55% of the stock is owned by institutional investors.

About Penntex Midstream Partners

PennTex Midstream Partners, LP focuses on owning, operating, acquiring and developing midstream energy infrastructure assets, with an initial focus in northern Louisiana. The Company provides natural gas gathering and processing, and residue gas and natural gas liquids (NGL) transportation services to producers in northern Louisiana primarily focused in the Terryville Complex of the Cotton Valley formation.

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