Penntex Midstream Partners LP (NASDAQ:PTXP) was downgraded by analysts at SunTrust Banks Inc. from a “buy” rating to a “hold” rating in a report released on Tuesday.

A number of other research analysts have also recently issued reports on the stock. Drexel Hamilton assumed coverage on shares of Penntex Midstream Partners in a report on Thursday, November 17th. They set a “buy” rating for the company. Zacks Investment Research cut shares of Penntex Midstream Partners from a “buy” rating to a “hold” rating in a report on Friday, November 11th. Deutsche Bank AG set a $20.00 price objective on shares of Penntex Midstream Partners and gave the company a “buy” rating in a report on Monday, October 10th. Citigroup Inc. boosted their price objective on shares of Penntex Midstream Partners from $18.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, August 10th. Finally, Wunderlich boosted their price objective 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. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Penntex Midstream Partners currently has a consensus rating of “Buy” and an average target price of $15.18.

Analyst Recommendations for Penntex Midstream Partners (NASDAQ:PTXP)

Penntex Midstream Partners (NASDAQ:PTXP) opened at 16.00 on Tuesday. The stock’s 50 day moving average is $16.74 and its 200-day moving average is $16.18. The company has a market cap of $642.94 million, a P/E ratio of 32.59 and a beta of 1.08. Penntex Midstream Partners has a 12-month low of $8.54 and a 12-month high of $18.00.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, November 7th were given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 7.43%. The ex-dividend date of this dividend was Thursday, November 3rd. This is a positive change from Penntex Midstream Partners’s previous quarterly dividend of $0.28. Penntex Midstream Partners’s payout ratio is currently 203.45%.

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In other Penntex Midstream Partners news, major shareholder Mrd Midstream Llc sold 2,127,704 shares of the company’s stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

A number of hedge funds have recently bought and sold shares of the company. Atlantic Trust Group LLC raised its stake in Penntex Midstream Partners by 0.5% in the second quarter. Atlantic Trust Group LLC now owns 792,055 shares of the company’s stock valued at $12,349,000 after buying an additional 4,326 shares during the period. SG Americas Securities LLC purchased a new stake in Penntex Midstream Partners during the second quarter valued at about $114,000. Societe Generale purchased a new stake in Penntex Midstream Partners during the second quarter valued at about $114,000. Cohen & Steers Inc. raised its stake in Penntex Midstream Partners by 2.7% in the second quarter. Cohen & Steers Inc. now owns 312,085 shares of the company’s stock valued at $4,865,000 after buying an additional 8,260 shares during the period. Finally, Citigroup Inc. raised its stake in Penntex Midstream Partners by 51.5% in the second quarter. Citigroup Inc. now owns 29,400 shares of the company’s stock valued at $458,000 after buying an additional 9,999 shares during the period. 79.28% of the stock is currently owned by hedge funds and other 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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