Crestwood Equity Partners LP Plans Quarterly Dividend of $0.60 (CEQP)
Crestwood Equity Partners LP (NYSE:CEQP) declared a quarterly dividend on Friday, January 19th, Wall Street Journal reports. Stockholders of record on Wednesday, February 7th will be paid a dividend of 0.60 per share by the pipeline company on Wednesday, February 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 8.65%. The ex-dividend date is Tuesday, February 6th.
Crestwood Equity Partners has decreased its dividend payment by an average of 24.2% annually over the last three years. Crestwood Equity Partners has a dividend payout ratio of -149.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Crestwood Equity Partners to earn ($0.30) per share next year, which means the company may not be able to cover its $2.40 annual dividend with an expected future payout ratio of -800.0%.
Crestwood Equity Partners (NYSE:CEQP) opened at $27.75 on Friday. Crestwood Equity Partners has a one year low of $20.00 and a one year high of $28.30. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.91.
A number of equities analysts have recently issued reports on CEQP shares. UBS Group upgraded shares of Crestwood Equity Partners from a “neutral” rating to a “buy” rating and increased their price objective for the company from $26.00 to $27.00 in a research note on Monday, December 4th. BidaskClub cut shares of Crestwood Equity Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Stifel Nicolaus increased their price objective on shares of Crestwood Equity Partners from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, January 12th. Wells Fargo & Co upgraded shares of Crestwood Equity Partners from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $28.00 to $32.00 in a research note on Thursday, January 11th. Finally, ValuEngine upgraded shares of Crestwood Equity Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, October 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Crestwood Equity Partners currently has an average rating of “Hold” and an average price target of $29.75.
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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