EJF Capital LLC Decreases Holdings in CNX Midstream Partners LP (CNXM)
EJF Capital LLC lowered its position in CNX Midstream Partners LP (NYSE:CNXM) by 28.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 25,000 shares of the pipeline company’s stock after selling 10,000 shares during the period. EJF Capital LLC’s holdings in CNX Midstream Partners were worth $481,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Jane Street Group LLC purchased a new position in CNX Midstream Partners in the 2nd quarter valued at $216,000. Tower Research Capital LLC TRC purchased a new position in CNX Midstream Partners in the 3rd quarter valued at $220,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in CNX Midstream Partners in the 2nd quarter valued at $271,000. Janney Montgomery Scott LLC lifted its holdings in CNX Midstream Partners by 35.4% in the 2nd quarter. Janney Montgomery Scott LLC now owns 15,400 shares of the pipeline company’s stock valued at $299,000 after purchasing an additional 4,025 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in CNX Midstream Partners in the 3rd quarter valued at $437,000. Institutional investors own 52.33% of the company’s stock.
NYSE CNXM opened at $18.59 on Wednesday. CNX Midstream Partners LP has a 52 week low of $16.35 and a 52 week high of $21.05. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.45 and a current ratio of 0.45. The firm has a market cap of $1.15 billion, a PE ratio of 11.08, a P/E/G ratio of 0.76 and a beta of 1.56.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 13th. Stockholders of record on Monday, November 5th were issued a dividend of $0.3479 per share. This represents a $1.39 annualized dividend and a dividend yield of 7.49%. The ex-dividend date was Friday, November 2nd. This is a positive change from CNX Midstream Partners’s previous quarterly dividend of $0.34. CNX Midstream Partners’s payout ratio is currently 80.81%.
A number of research analysts have weighed in on CNXM shares. ValuEngine upgraded CNX Midstream Partners from a “sell” rating to a “hold” rating in a report on Friday, August 10th. Zacks Investment Research lowered CNX Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Mitsubishi UFJ Financial Group initiated coverage on CNX Midstream Partners in a report on Friday, October 5th. They set an “overweight” rating and a $24.00 price target on the stock. Finally, Wells Fargo & Co reduced their price target on CNX Midstream Partners from $28.00 to $24.00 and set an “outperform” rating on the stock in a report on Thursday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $23.75.
In other news, major shareholder Nbl Midstream, Llc sold 14,217,198 shares of CNX Midstream Partners stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $17.75, for a total transaction of $252,355,264.50. The transaction was disclosed in a document filed with the SEC, which is available at this link.
CNX Midstream Partners Company Profile
CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. As of December 31, 2017, the company operates 18 compression and dehydration facilities. It also operates condensate handling facilities with handling capacities of 2,500 Bbl/d each in Majorsville, Pennsylvania, as well as Moundsville, West Virginia that provide condensate gathering, collection, separation, and stabilization services.
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