$65.70 Million in Sales Expected for Cone Midstream Partners LP (CNNX) This Quarter
Brokerages expect Cone Midstream Partners LP (NYSE:CNNX) to announce sales of $65.70 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Cone Midstream Partners’ earnings, with the highest sales estimate coming in at $74.30 million and the lowest estimate coming in at $60.41 million. Cone Midstream Partners reported sales of $60.73 million in the same quarter last year, which indicates a positive year over year growth rate of 8.2%. The firm is expected to report its next earnings report on Friday, November 3rd.
On average, analysts expect that Cone Midstream Partners will report full-year sales of $65.70 million for the current financial year, with estimates ranging from $228.33 million to $262.30 million. For the next financial year, analysts forecast that the firm will post sales of $279.57 million per share, with estimates ranging from $246.00 million to $327.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Cone Midstream Partners.
Cone Midstream Partners (NYSE:CNNX) last announced its quarterly earnings results on Monday, August 7th. The pipeline company reported $0.44 EPS for the quarter, beating 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 business had revenue of $56.50 million for the quarter, compared to analyst estimates of $60.15 million. During the same quarter in the prior year, the company posted $0.39 EPS. The company’s quarterly revenue was down 3.3% on a year-over-year basis.
A number of equities analysts have recently weighed in on the stock. Citigroup Inc. raised shares of Cone Midstream Partners from a “neutral” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Monday, May 22nd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $25.00 price target on shares of Cone Midstream Partners in a research note on Friday, August 11th. Morgan Stanley dropped their price target on shares of Cone Midstream Partners from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. ValuEngine downgraded shares of Cone Midstream Partners from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research raised shares of Cone Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. Cone Midstream Partners has a consensus rating of “Hold” and a consensus price target of $23.00.
A number of large investors have recently modified their holdings of CNNX. Renaissance Technologies LLC boosted its stake in shares of Cone Midstream Partners by 15.0% in the first quarter. Renaissance Technologies LLC now owns 178,800 shares of the pipeline company’s stock worth $4,221,000 after buying an additional 23,387 shares in the last quarter. Liberty Mutual Group Asset Management Inc. boosted its stake in Cone Midstream Partners by 70.5% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 52,688 shares of the pipeline company’s stock worth $1,244,000 after buying an additional 21,782 shares during the period. Marshall Wace North America L.P. purchased a new stake in Cone Midstream Partners during the first quarter worth about $1,277,000. MARSHALL WACE ASIA Ltd purchased a new stake in Cone Midstream Partners during the first quarter worth about $1,277,000. Finally, Van ECK Associates Corp purchased a new stake in Cone Midstream Partners during the first quarter worth about $1,691,000. Hedge funds and other institutional investors own 40.77% of the company’s stock.
Shares of Cone Midstream Partners (NYSE:CNNX) traded down 1.53% during trading on Thursday, hitting $16.72. The stock had a trading volume of 106,182 shares. The stock’s 50 day moving average is $18.74 and its 200-day moving average is $20.77. The company has a market cap of $1.06 billion, a PE ratio of 9.99 and a beta of 1.64. Cone Midstream Partners has a 12-month low of $16.55 and a 12-month high of $25.56.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Friday, August 4th were issued a $0.2922 dividend. The ex-dividend date of this dividend was Wednesday, August 2nd. This is a boost from Cone Midstream Partners’s previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 6.99%. Cone Midstream Partners’s dividend payout ratio is currently 70.06%.
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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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