Cone Midstream Partners LP (NYSE:CNNX) declared a quarterly dividend on Tuesday, July 25th, Wall Street Journal reports. Shareholders of record on Friday, August 4th will be paid a dividend of 0.2922 per share by the pipeline company on Monday, August 14th. This represents a $1.17 annualized dividend and a yield of 6.46%. The ex-dividend date is Wednesday, August 2nd. This is an increase 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 research 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%.
Shares of Cone Midstream Partners (NYSE:CNNX) traded down 3.57% on Friday, reaching $18.08. 304,449 shares of the company’s stock traded hands. 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 $19.27 and a 200-day moving average price of $21.55. The company has a market cap of $1.15 billion, a PE ratio of 11.11 and a beta of 1.64.
Cone Midstream Partners (NYSE:CNNX) last released its quarterly earnings results on Thursday, May 4th. The pipeline company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. Cone Midstream Partners had a net margin of 43.13% and a return on equity of 12.90%. The business had revenue of $59 million for the quarter, compared to analysts’ expectations of $60.28 million. During the same period last year, the business earned $0.42 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. Equities research analysts anticipate that Cone Midstream Partners will post $1.69 EPS for the current fiscal year.
CNNX has been the subject of several research analyst reports. Citigroup Inc. raised shares of Cone Midstream Partners from a “neutral” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Monday, May 22nd. Zacks Investment Research raised shares of Cone Midstream Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 9th. BidaskClub lowered shares of Cone Midstream Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 13th. Morgan Stanley decreased their price objective on shares of Cone Midstream Partners from $25.00 to $24.00 and set an “equal weight” rating for the company in a research report on Friday, July 14th. Finally, ValuEngine lowered shares of Cone Midstream Partners from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $23.00.
About Cone Midstream Partners
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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