Chicago Partners Investment Group LLC Acquires 2,522 Shares of Crestwood Equity Partners LP (CEQP)
Chicago Partners Investment Group LLC lifted its holdings in shares of Crestwood Equity Partners LP (NYSE:CEQP) by 43.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,274 shares of the pipeline company’s stock after buying an additional 2,522 shares during the period. Chicago Partners Investment Group LLC’s holdings in Crestwood Equity Partners were worth $294,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Crestwood Equity Partners during the 2nd quarter valued at about $222,000. First Republic Investment Management Inc. acquired a new position in Crestwood Equity Partners during the 2nd quarter valued at about $230,000. Putnam Investments LLC acquired a new position in Crestwood Equity Partners during the 2nd quarter valued at about $518,000. BlackRock Inc. boosted its stake in Crestwood Equity Partners by 824,250.0% during the 2nd quarter. BlackRock Inc. now owns 16,487 shares of the pipeline company’s stock valued at $523,000 after purchasing an additional 16,485 shares during the period. Finally, Cannell Peter B & Co. Inc. acquired a new position in Crestwood Equity Partners during the 2nd quarter valued at about $524,000. 69.12% of the stock is owned by institutional investors and hedge funds.
CEQP has been the subject of a number of analyst reports. SunTrust Banks set a $40.00 target price on shares of Crestwood Equity Partners and gave the company a “buy” rating in a research note on Monday, July 23rd. ValuEngine lowered shares of Crestwood Equity Partners from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Wells Fargo & Co reissued a “market perform” rating and set a $38.00 target price on shares of Crestwood Equity Partners in a research note on Wednesday, October 31st. They noted that the move was a valuation call. Barclays boosted their target price on shares of Crestwood Equity Partners from $39.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, October 12th. Finally, Raymond James boosted their target price on shares of Crestwood Equity Partners from $37.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 24th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $37.50.
Crestwood Equity Partners (NYSE:CEQP) last issued its quarterly earnings results on Tuesday, October 30th. The pipeline company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.32). The company had revenue of $930.20 million during the quarter, compared to analyst estimates of $845.40 million. Crestwood Equity Partners had a positive return on equity of 0.59% and a negative net margin of 3.53%. The company’s revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.72) earnings per share. As a group, equities research analysts predict that Crestwood Equity Partners LP will post -0.22 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 7.22%. The ex-dividend date is Tuesday, November 6th. Crestwood Equity Partners’s dividend payout ratio is currently -206.90%.
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About Crestwood Equity Partners
Crestwood Equity Partners LP provides infrastructure solutions to liquids-rich natural gas and crude oil shale plays in the United States. It operates through three segments: Gathering and Processing (G&P); Storage and Transportation (S&T); and Marketing, Supply and Logistics (MS&L). The G&P segment offers gathering and transportation services for natural gas, crude oil, and produced water; and processing, treating, and compression services.
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