Cone Midstream Partners LP (NYSE:CNNX) had its price objective cut by Morgan Stanley from $25.00 to $24.00 in a research note issued to investors on Friday, July 14th. They currently have an equal weight rating on the pipeline company’s stock.
A number of other research analysts also recently weighed in on the company. Johnson Rice started coverage on Cone Midstream Partners in a research note on Thursday, March 23rd. They issued an accumulate rating on the stock. Citigroup Inc. raised Cone Midstream Partners from a neutral rating to a buy rating and set a $25.00 price objective on the stock in a research note on Monday, May 22nd. Zacks Investment Research raised Cone Midstream Partners from a sell rating to a hold rating in a report on Tuesday, May 9th. BidaskClub lowered Cone Midstream Partners from a sell rating to a strong sell rating in a report on Tuesday, June 13th. Finally, ValuEngine lowered Cone Midstream Partners from a strong-buy rating to a buy rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The company has an average rating of Hold and an average price target of $23.00.
Shares of Cone Midstream Partners (CNNX) traded down 3.57% during mid-day trading on Friday, hitting $18.08. The stock had a trading volume of 304,449 shares. The company has a 50-day moving average of $19.27 and a 200 day moving average of $21.55. Cone Midstream Partners has a one year low of $16.03 and a one year high of $25.56. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 11.11 and a beta of 1.64.
Cone Midstream Partners (NYSE:CNNX) last issued its quarterly earnings data on Thursday, May 4th. The pipeline company reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. Cone Midstream Partners had a return on equity of 12.90% and a net margin of 43.13%. The business had revenue of $59 million for the quarter, compared to the consensus estimate of $60.28 million. During the same period last year, the business earned $0.42 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts forecast that Cone Midstream Partners will post $1.69 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Friday, August 4th will be issued a dividend of $0.2922 per share. This represents a $1.17 annualized dividend and a dividend yield of 6.46%. 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’s dividend payout ratio (DPR) is presently 72.22%.
Several hedge funds have recently made changes to their positions in the company. Stifel Financial Corp raised its stake in shares of Cone Midstream Partners by 2.3% in the first quarter. Stifel Financial Corp now owns 9,514 shares of the pipeline company’s stock valued at $225,000 after buying an additional 211 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Cone Midstream Partners during the first quarter valued at $550,000. Segment Wealth Management LLC raised its stake in shares of Cone Midstream Partners by 28.5% in the first quarter. Segment Wealth Management LLC now owns 16,700 shares of the pipeline company’s stock valued at $394,000 after buying an additional 3,700 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Cone Midstream Partners by 6.6% in the first quarter. Ameriprise Financial Inc. now owns 82,158 shares of the pipeline company’s stock valued at $1,962,000 after buying an additional 5,065 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Cone Midstream Partners by 9.9% in the first quarter. Bank of New York Mellon Corp now owns 354,470 shares of the pipeline company’s stock valued at $8,369,000 after buying an additional 32,013 shares during the last quarter. 40.95% of the stock is currently owned by institutional investors.
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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