Cone Midstream Partners LP (CNNX) Given Average Rating of “Hold” by Analysts
Cone Midstream Partners LP (NYSE:CNNX) has earned an average rating of “Hold” from the fourteen research firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $22.89.
Several research analysts recently issued reports on the company. Stifel Nicolaus restated a “buy” rating and set a $25.00 price objective on shares of Cone Midstream Partners in a research report on Friday, August 11th. BidaskClub downgraded Cone Midstream Partners from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 9th. Bank of America Corporation cut their price objective on Cone Midstream Partners from $23.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, August 8th. Barclays PLC upgraded Cone Midstream Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective for the company in a research report on Tuesday, July 18th. Finally, Morgan Stanley lowered their target price on shares of Cone Midstream Partners from $25.00 to $24.00 and set an “equal weight” rating for the company in a research note on Friday, July 14th.
Cone Midstream Partners (NYSE:CNNX) traded down 1.53% during trading on Tuesday, reaching $16.72. The company’s stock had a trading volume of 106,182 shares. Cone Midstream Partners has a one year low of $16.55 and a one year high of $25.56. The firm has a market capitalization of $1.06 billion, a P/E ratio of 9.99 and a beta of 1.64. The stock has a 50-day moving average of $18.74 and a 200 day moving average of $20.77.
Cone Midstream Partners (NYSE:CNNX) last issued its quarterly earnings data on Monday, August 7th. The pipeline company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. Cone Midstream Partners had a return on equity of 14.15% and a net margin of 45.95%. The firm had revenue of $56.50 million during the quarter, compared to the consensus estimate of $60.15 million. During the same period in the previous year, the firm posted $0.39 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. On average, equities research analysts predict that Cone Midstream Partners will post $1.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Friday, August 4th were paid a $0.2922 dividend. This is a boost from Cone Midstream Partners’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 6.99%. The ex-dividend date of this dividend was Wednesday, August 2nd. Cone Midstream Partners’s payout ratio is presently 70.06%.
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A number of hedge funds have recently added to or reduced their stakes in CNNX. Westwood Holdings Group Inc. boosted its stake in Cone Midstream Partners by 13.7% in the second quarter. Westwood Holdings Group Inc. now owns 577,569 shares of the pipeline company’s stock valued at $10,945,000 after buying an additional 69,674 shares during the last quarter. Linscomb & Williams Inc. boosted its stake in shares of Cone Midstream Partners by 0.4% in the second quarter. Linscomb & Williams Inc. now owns 15,125 shares of the pipeline company’s stock valued at $287,000 after buying an additional 65 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Cone Midstream Partners by 2.3% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 22,593 shares of the pipeline company’s stock valued at $428,000 after buying an additional 506 shares in the last quarter. CNH Partners LLC boosted its stake in shares of Cone Midstream Partners by 1.2% in the second quarter. CNH Partners LLC now owns 16,600 shares of the pipeline company’s stock valued at $315,000 after buying an additional 200 shares in the last quarter. Finally, Castleton Investment Management LLC boosted its stake in shares of Cone Midstream Partners by 455.0% in the second quarter. Castleton Investment Management LLC now owns 111,000 shares of the pipeline company’s stock valued at $2,103,000 after buying an additional 91,000 shares in the last quarter. 40.77% of the stock is owned by hedge funds and other institutional investors.
Cone Midstream Partners Company Profile
CONE Midstream Partners LP is a master limited partnership formed by 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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