Sigma Planning Corp Increases Position in Crestwood Equity Partners LP (CEQP)
Sigma Planning Corp raised its stake in shares of Crestwood Equity Partners LP (NYSE:CEQP) by 6.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,164 shares of the pipeline company’s stock after buying an additional 1,172 shares during the period. Sigma Planning Corp’s holdings in Crestwood Equity Partners were worth $427,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. OppenheimerFunds Inc. increased its position in Crestwood Equity Partners by 5.3% in the first quarter. OppenheimerFunds Inc. now owns 5,604,459 shares of the pipeline company’s stock valued at $147,117,000 after buying an additional 280,441 shares during the period. Center Coast Capital Advisors LP increased its position in Crestwood Equity Partners by 9.7% in the second quarter. Center Coast Capital Advisors LP now owns 2,658,700 shares of the pipeline company’s stock valued at $62,479,000 after buying an additional 236,059 shares during the period. Bank of Montreal Can increased its position in Crestwood Equity Partners by 0.3% in the first quarter. Bank of Montreal Can now owns 1,122,909 shares of the pipeline company’s stock valued at $29,476,000 after buying an additional 3,909 shares during the period. Goldman Sachs Group Inc. increased its position in Crestwood Equity Partners by 5.0% in the first quarter. Goldman Sachs Group Inc. now owns 589,262 shares of the pipeline company’s stock valued at $15,468,000 after buying an additional 28,238 shares during the period. Finally, Bank of America Corp DE increased its position in Crestwood Equity Partners by 26.4% in the first quarter. Bank of America Corp DE now owns 398,776 shares of the pipeline company’s stock valued at $10,468,000 after buying an additional 83,349 shares during the period. Institutional investors and hedge funds own 64.04% of the company’s stock.
Shares of Crestwood Equity Partners LP (NYSE:CEQP) opened at 24.60 on Wednesday. The firm’s market capitalization is $1.71 billion. The firm’s 50-day moving average is $24.24 and its 200-day moving average is $24.85. Crestwood Equity Partners LP has a 52 week low of $18.50 and a 52 week high of $28.30.
Crestwood Equity Partners (NYSE:CEQP) last announced its quarterly earnings results on Tuesday, August 1st. The pipeline company reported ($0.28) earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $850.30 million for the quarter, compared to the consensus estimate of $706.34 million. During the same quarter in the prior year, the company earned ($0.74) earnings per share. The company’s quarterly revenue was up 41.3% on a year-over-year basis. Equities analysts anticipate that Crestwood Equity Partners LP will post ($0.94) EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, August 7th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 9.76%. The ex-dividend date of this dividend was Thursday, August 3rd. Crestwood Equity Partners’s dividend payout ratio is presently -107.14%.
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CEQP has been the topic of a number of analyst reports. BidaskClub upgraded shares of Crestwood Equity Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Stifel Nicolaus reiterated a “hold” rating and set a $27.00 price objective (up from $26.00) on shares of Crestwood Equity Partners in a research note on Thursday, May 4th. Finally, ValuEngine downgraded shares of Crestwood Equity Partners from a “hold” rating to a “sell” rating in a research note on Saturday, June 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $27.40.
In other news, SVP Joel Christian Lambert sold 6,927 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $25.47, for a total transaction of $176,430.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 36.20% of the company’s stock.
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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