Crestwood Equity Partners LP (CEQP) Downgraded by BidaskClub
BidaskClub cut shares of Crestwood Equity Partners LP (NYSE:CEQP) from a hold rating to a sell rating in a research report released on Tuesday morning.
Other analysts have also issued reports about the company. Stifel Nicolaus raised Crestwood Equity Partners from a hold rating to a buy rating and lifted their price target for the company from $27.00 to $28.00 in a research note on Wednesday, August 2nd. ValuEngine lowered Crestwood Equity Partners from a hold rating to a sell rating in a research note on Friday, September 8th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Crestwood Equity Partners presently has a consensus rating of Hold and an average price target of $27.40.
Shares of Crestwood Equity Partners (CEQP) traded up 0.20% during mid-day trading on Tuesday, reaching $24.85. The company’s stock had a trading volume of 69,630 shares. 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 of $24.76 and a 200-day moving average of $24.45. The firm’s market cap is $1.73 billion.
Crestwood Equity Partners (NYSE:CEQP) last announced its quarterly earnings results on Tuesday, August 1st. The pipeline company reported ($0.28) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.23). Crestwood Equity Partners had a negative net margin of 4.68% and a negative return on equity of 1.13%. The firm had revenue of $850.30 million for the quarter, compared to analyst estimates of $706.34 million. During the same period in the previous year, the business posted ($0.74) earnings per share. The business’s revenue for the quarter was up 41.3% compared to the same quarter last year. On average, analysts predict that Crestwood Equity Partners will post ($0.97) earnings per share for the current year.
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In related news, SVP Joel Christian Lambert sold 6,927 shares of Crestwood Equity Partners stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $25.47, for a total value of $176,430.69. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 36.20% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of CEQP. Penserra Capital Management LLC lifted its stake in shares of Crestwood Equity Partners by 520.8% in the second quarter. Penserra Capital Management LLC now owns 5,550 shares of the pipeline company’s stock worth $129,000 after acquiring an additional 4,656 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of Crestwood Equity Partners by 387.9% in the second quarter. Chicago Partners Investment Group LLC now owns 7,729 shares of the pipeline company’s stock worth $190,000 after acquiring an additional 6,145 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Crestwood Equity Partners by 5.9% in the second quarter. Alliancebernstein L.P. now owns 12,436 shares of the pipeline company’s stock worth $292,000 after acquiring an additional 696 shares during the period. Waldron LP acquired a new position in shares of Crestwood Equity Partners in the first quarter worth approximately $380,000. Finally, Sigma Planning Corp lifted its stake in shares of Crestwood Equity Partners by 6.9% in the second quarter. Sigma Planning Corp now owns 18,164 shares of the pipeline company’s stock worth $427,000 after acquiring an additional 1,172 shares during the period. 65.15% of the stock is currently owned by institutional investors.
Crestwood Equity Partners Company Profile
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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