Zacks Investment Research downgraded shares of Cone Midstream Partners LP (NYSE:CNNX) from a buy rating to a hold rating in a report issued on Thursday morning.

According to Zacks, “CONE Midstream Partners LP owns, operates, develops and acquires natural gas gathering and other midstream energy assets. The Company’s initial assets include natural gas gathering pipelines and compression and dehydration facilities, condensate gathering, collection, separation and stabilization facilities. CONE Midstream Partners LP is based in Canonsburg, Pennsylvania. “

A number of other brokerages have also recently issued reports on CNNX. Robert W. Baird set a $23.00 price objective on Cone Midstream Partners and gave the stock a buy rating in a research note on Monday, August 29th. Credit Suisse Group AG cut Cone Midstream Partners from an outperform rating to a neutral rating and upped their price objective for the stock from $21.00 to $22.00 in a research note on Tuesday, September 13th. Wells Fargo & Co. upgraded Cone Midstream Partners from a market perform rating to an outperform rating in a research note on Wednesday, October 5th. Janney Montgomery Scott assumed coverage on Cone Midstream Partners in a research note on Thursday, September 1st. They set a buy rating and a $22.00 price objective on the stock. They noted that the move was a valuation call. Finally, Citigroup Inc. upped their price objective on Cone Midstream Partners from $15.00 to $18.50 and gave the stock a neutral rating in a research note on Monday, August 8th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $19.50.

Cone Midstream Partners (NYSE:CNNX) traded up 0.37% during midday trading on Thursday, reaching $21.71. 13,801 shares of the company’s stock were exchanged. The company has a market cap of $1.27 billion, a P/E ratio of 13.75 and a beta of 1.67. Cone Midstream Partners has a 12 month low of $7.55 and a 12 month high of $22.97. The company has a 50 day moving average price of $20.11 and a 200 day moving average price of $17.86.

Cone Midstream Partners (NYSE:CNNX) last announced its quarterly earnings data on Friday, November 4th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. Cone Midstream Partners had a return on equity of 11.33% and a net margin of 39.18%. The company had revenue of $60.73 million for the quarter, compared to analysts’ expectations of $57.89 million. During the same quarter in the prior year, the business posted $0.33 EPS. The business’s revenue was up 12.8% compared to the same quarter last year. On average, equities analysts anticipate that Cone Midstream Partners will post $1.56 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Friday, November 4th were paid a $0.263 dividend. The ex-dividend date of this dividend was Wednesday, November 2nd. This is a positive change from Cone Midstream Partners’s previous quarterly dividend of $0.25. This represents a $1.05 annualized dividend and a yield of 4.86%. Cone Midstream Partners’s dividend payout ratio (DPR) is 66.04%.

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in Cone Midstream Partners by 70.7% in the second quarter. JPMorgan Chase & Co. now owns 8,876 shares of the company’s stock valued at $154,000 after buying an additional 3,676 shares during the period. Royal Bank of Canada raised its stake in Cone Midstream Partners by 119.1% in the second quarter. Royal Bank of Canada now owns 9,640 shares of the company’s stock valued at $167,000 after buying an additional 5,240 shares during the period. Water Island Capital LLC raised its stake in Cone Midstream Partners by 25.8% in the third quarter. Water Island Capital LLC now owns 13,250 shares of the company’s stock valued at $240,000 after buying an additional 2,714 shares during the period. Linscomb & Williams Inc. raised its stake in Cone Midstream Partners by 3.7% in the second quarter. Linscomb & Williams Inc. now owns 14,957 shares of the company’s stock valued at $259,000 after buying an additional 527 shares during the period. Finally, Catawba Capital Management VA acquired a new stake in Cone Midstream Partners during the third quarter valued at $275,000. 43.80% of the stock is currently owned by institutional investors and hedge funds.

Cone Midstream Partners Company Profile

CONE Midstream Partners LP is a master limited partnership formed between CONSOL Energy Inc (CONSOL) and Noble Energy, Inc (Noble Energy). The Company owns, operates, develops and acquires natural gas gathering and other midstream energy assets to service CONSOL’s and Noble Energy’s production in the Marcellus Shale in Pennsylvania and West Virginia.

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