Royal Bank Of Canada Reaffirms Hold Rating for Cone Midstream Partners LP (CNNX)
Royal Bank Of Canada restated their hold rating on shares of Cone Midstream Partners LP (NYSE:CNNX) in a research report report published on Monday. Royal Bank Of Canada currently has a $22.00 price objective on the pipeline company’s stock.
A number of other research firms also recently weighed in on CNNX. BidaskClub raised Cone Midstream Partners from a sell rating to a hold rating in a report on Wednesday, July 19th. Barclays PLC raised Cone Midstream Partners from an equal weight rating to an overweight rating and set a $22.00 price objective on the stock in a report on Tuesday, July 18th. Morgan Stanley decreased their price objective on Cone Midstream Partners from $25.00 to $24.00 and set an equal weight rating on the stock in a report on Friday, July 14th. Stifel Nicolaus reaffirmed a buy rating and set a $25.00 price objective on shares of Cone Midstream Partners in a report on Friday, August 11th. Finally, Bank of America Corporation decreased their price objective on Cone Midstream Partners from $23.00 to $21.00 and set a neutral rating on the stock in a report on Tuesday, August 8th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $23.29.
Cone Midstream Partners (NYSE CNNX) traded up $0.47 during mid-day trading on Monday, reaching $16.90. The company had a trading volume of 179,996 shares, compared to its average volume of 206,902. The firm has a market capitalization of $586.97 million, a price-to-earnings ratio of 10.03 and a beta of 1.64.
Cone Midstream Partners (NYSE:CNNX) last released its earnings results on Thursday, November 2nd. The pipeline company reported $0.43 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.43. Cone Midstream Partners had a return on equity of 15.23% and a net margin of 48.40%. The business had revenue of $56.69 million for the quarter, compared to the consensus estimate of $62.96 million. During the same period last year, the business earned $0.40 earnings per share. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. equities research analysts expect that Cone Midstream Partners will post 1.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Friday, November 3rd will be paid a $0.3025 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $1.21 dividend on an annualized basis and a dividend yield of 7.16%. This is a boost from Cone Midstream Partners’s previous quarterly dividend of $0.29. Cone Midstream Partners’s payout ratio is 71.18%.
Several large investors have recently bought and sold shares of CNNX. Goldman Sachs Group Inc. raised its stake in shares of Cone Midstream Partners by 106.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,001,411 shares of the pipeline company’s stock valued at $23,643,000 after acquiring an additional 515,457 shares during the last quarter. Marshall Wace North America L.P. raised its stake in shares of Cone Midstream Partners by 341.5% in the second quarter. Marshall Wace North America L.P. now owns 234,851 shares of the pipeline company’s stock valued at $4,462,000 after acquiring an additional 181,654 shares during the last quarter. Citigroup Inc. raised its position in Cone Midstream Partners by 166.3% in the 2nd quarter. Citigroup Inc. now owns 177,785 shares of the pipeline company’s stock worth $3,369,000 after purchasing an additional 111,030 shares during the last quarter. Bank of Montreal Can bought a new position in Cone Midstream Partners in the 2nd quarter worth approximately $1,726,000. Finally, Castleton Investment Management LLC raised its position in Cone Midstream Partners by 455.0% in the 2nd quarter. Castleton Investment Management LLC now owns 111,000 shares of the pipeline company’s stock worth $2,103,000 after purchasing an additional 91,000 shares during the last quarter. Institutional investors own 36.52% of the company’s stock.
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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