Crestwood Equity Partners LP (CEQP) Given Average Recommendation of “Buy” by Brokerages
Shares of Crestwood Equity Partners LP (NYSE:CEQP) have received a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $27.60.
CEQP has been the subject of a number of research analyst reports. ValuEngine downgraded shares of Crestwood Equity Partners from a “hold” rating to a “sell” rating in a research note on Friday, September 8th. BidaskClub downgraded shares of Crestwood Equity Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Stifel Nicolaus set a $27.00 target price on shares of Crestwood Equity Partners and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Finally, UBS raised shares of Crestwood Equity Partners from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $26.00 to $27.00 in a research note on Monday.
Shares of Crestwood Equity Partners (NYSE:CEQP) traded down $0.35 during mid-day trading on Thursday, reaching $24.30. 181,900 shares of the company traded hands, compared to its average volume of 203,689. Crestwood Equity Partners has a 12-month low of $20.00 and a 12-month high of $28.30. The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.91.
Crestwood Equity Partners (NYSE:CEQP) last announced its earnings results on Tuesday, October 31st. The pipeline company reported ($0.72) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.65). Crestwood Equity Partners had a negative return on equity of 3.34% and a negative net margin of 5.36%. The company had revenue of $955.60 million during the quarter, compared to the consensus estimate of $830.77 million. During the same period in the prior year, the firm posted ($0.14) earnings per share. The company’s revenue was up 62.6% on a year-over-year basis. equities research analysts expect that Crestwood Equity Partners will post -1.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, November 7th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 9.88%. The ex-dividend date was Monday, November 6th. Crestwood Equity Partners’s dividend payout ratio is presently -85.11%.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. GSA Capital Partners LLP raised its stake in shares of Crestwood Equity Partners by 722.0% during the third quarter. GSA Capital Partners LLP now owns 88,702 shares of the pipeline company’s stock worth $2,164,000 after buying an additional 77,911 shares during the last quarter. Green Square Capital LLC bought a new stake in shares of Crestwood Equity Partners during the third quarter worth approximately $201,000. California Public Employees Retirement System raised its stake in shares of Crestwood Equity Partners by 3.0% during the third quarter. California Public Employees Retirement System now owns 118,177 shares of the pipeline company’s stock worth $2,884,000 after buying an additional 3,425 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in shares of Crestwood Equity Partners during the third quarter worth approximately $359,000. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of Crestwood Equity Partners during the third quarter worth approximately $740,000. 65.46% of the stock is owned by institutional investors.
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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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