Cone Midstream Partners LP (NYSE:CNNX) declared a quarterly dividend on Tuesday, July 25th, Wall Street Journal reports. Investors of record on Friday, August 4th will be given a dividend of 0.2922 per share by the pipeline company on Monday, August 14th. This represents a $1.17 dividend on an annualized basis and a yield of 5.79%. The ex-dividend date of this dividend is Wednesday, August 2nd. This is a positive change from Cone Midstream Partners’s previous quarterly dividend of $0.28.
Cone Midstream Partners has a payout ratio of 67.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cone Midstream Partners to earn $1.96 per share next year, which means the company should continue to be able to cover its $1.17 annual dividend with an expected future payout ratio of 59.7%.
Cone Midstream Partners (CNNX) traded down 0.1863% during trading on Wednesday, reaching $20.1424. 2,767 shares of the company were exchanged. The firm has a market capitalization of $1.28 billion, a PE ratio of 12.3801 and a beta of 1.60. Cone Midstream Partners has a 12 month low of $16.03 and a 12 month high of $25.56. The stock has a 50 day moving average price of $19.36 and a 200 day moving average price of $21.69.
Cone Midstream Partners (NYSE:CNNX) last announced its quarterly earnings results on Thursday, May 4th. The pipeline company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. The business had revenue of $59 million during the quarter, compared to the consensus estimate of $60.28 million. Cone Midstream Partners had a net margin of 43.13% and a return on equity of 12.90%. The business’s revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 EPS. On average, analysts expect that Cone Midstream Partners will post $1.69 EPS for the current fiscal year.
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Several equities analysts have weighed in on the stock. Citigroup Inc. upgraded shares of Cone Midstream Partners from a “neutral” rating to a “buy” rating and set a $25.00 target price for the company in a report on Monday, May 22nd. Zacks Investment Research upgraded shares of Cone Midstream Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 9th. BidaskClub downgraded shares of Cone Midstream Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 13th. ValuEngine downgraded shares of Cone Midstream Partners from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Royal Bank Of Canada downgraded shares of Cone Midstream Partners from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $26.00 to $22.00 in a report on Monday, May 8th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $23.00.
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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