Crestwood Equity Partners LP (CEQP) Downgraded by ValuEngine to Sell
ValuEngine downgraded shares of Crestwood Equity Partners LP (NYSE:CEQP) from a hold rating to a sell rating in a report released on Friday morning.
Other analysts also recently issued reports about the stock. Stifel Nicolaus raised shares of Crestwood Equity Partners from a hold rating to a buy rating and upped their target price for the stock from $27.00 to $28.00 in a research report on Wednesday, August 2nd. BidaskClub raised shares of Crestwood Equity Partners from a sell rating to a hold rating in a research report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $27.40.
Shares of Crestwood Equity Partners (NYSE:CEQP) traded down 2.18% on Friday, hitting $24.70. 56,473 shares of the stock were exchanged. Crestwood Equity Partners has a 12 month low of $18.51 and a 12 month high of $28.30. The company has a 50-day moving average price of $24.83 and a 200 day moving average price of $24.58. The company’s market cap is $1.72 billion.
Crestwood Equity Partners (NYSE:CEQP) last released its earnings results on Tuesday, August 1st. The pipeline company reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.23. The business had revenue of $850.30 million during the quarter, compared to analysts’ expectations of $706.34 million. Crestwood Equity Partners had a negative return on equity of 1.13% and a negative net margin of 4.68%. The firm’s quarterly revenue was up 41.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.74) earnings per share. Equities analysts forecast that Crestwood Equity Partners will post ($0.97) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 9.72%. The ex-dividend date was Thursday, August 3rd. Crestwood Equity Partners’s dividend payout ratio (DPR) is -107.14%.
In related news, SVP Joel Christian Lambert sold 6,927 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $25.47, for a total transaction of $176,430.69. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 36.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CEQP. Penserra Capital Management LLC grew its position in Crestwood Equity Partners by 520.8% during the 2nd quarter. Penserra Capital Management LLC now owns 5,550 shares of the pipeline company’s stock valued at $129,000 after purchasing an additional 4,656 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in Crestwood Equity Partners by 387.9% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 7,729 shares of the pipeline company’s stock valued at $190,000 after purchasing an additional 6,145 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Crestwood Equity Partners during the 1st quarter valued at about $284,000. Alliancebernstein L.P. grew its position in Crestwood Equity Partners by 5.9% during the 2nd quarter. Alliancebernstein L.P. now owns 12,436 shares of the pipeline company’s stock valued at $292,000 after purchasing an additional 696 shares during the last quarter. Finally, Waldron LP purchased a new stake in Crestwood Equity Partners during the 1st quarter valued at about $380,000. 65.15% of the stock is currently owned by institutional investors.
About Crestwood Equity Partners
Crestwood Equity Partners LP is a holding company and a master limited partnership (MLP). The Company develops, acquires, owns or controls, and operates assets and operations within the energy midstream sector. The Company’s segments include gathering and processing (G&P), which includes its natural gas, crude oil and produced water G&P operations; storage and transportation, which includes its natural gas and crude oil storage and transportation operations, and marketing, supply and logistics, which includes its natural gas liquid (NGL) supply and logistics business, crude oil storage and rail loading facilities and fleet, and salt production business.
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