Cone Midstream Partners LP (NYSE:CNNX) issued its quarterly earnings results on Monday. The pipeline company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01, MarketWatch Earnings reports. The company had revenue of $56.50 million for the quarter, compared to the consensus estimate of $60.15 million. Cone Midstream Partners had a net margin of 43.13% and a return on equity of 12.90%. The firm’s revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 EPS.
Shares of Cone Midstream Partners (CNNX) opened at 18.08 on Monday. The stock has a market cap of $1.15 billion, a PE ratio of 11.11 and a beta of 1.64. The stock has a 50 day moving average of $19.27 and a 200 day moving average of $21.55. Cone Midstream Partners has a 12 month low of $16.72 and a 12 month high of $25.56.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Friday, August 4th will be given a $0.2922 dividend. This represents a $1.17 annualized dividend and a dividend yield of 6.46%. The ex-dividend date is Wednesday, August 2nd. This is a boost from Cone Midstream Partners’s previous quarterly dividend of $0.28. Cone Midstream Partners’s dividend payout ratio is presently 72.22%.
Several brokerages recently commented on CNNX. BidaskClub downgraded shares of Cone Midstream Partners from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Barclays PLC upgraded shares of Cone Midstream Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price target on the stock in a report on Tuesday, July 18th. Zacks Investment Research upgraded shares of Cone Midstream Partners from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Tuesday, April 25th. ValuEngine downgraded shares of Cone Midstream Partners from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Morgan Stanley cut their price target on shares of 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $23.00.
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Several large investors have recently made changes to their positions in the stock. Linscomb & Williams Inc. boosted its stake in shares of Cone Midstream Partners by 0.4% in the first quarter. Linscomb & Williams Inc. now owns 15,060 shares of the pipeline company’s stock worth $356,000 after buying an additional 56 shares in the last quarter. Alps Advisors Inc. boosted its position in shares of Cone Midstream Partners by 0.3% in the second quarter. Alps Advisors Inc. now owns 22,587 shares of the pipeline company’s stock worth $428,000 after buying an additional 58 shares during the period. Chicago Partners Investment Group LLC boosted its position in shares of Cone Midstream Partners by 0.4% in the first quarter. Chicago Partners Investment Group LLC now owns 18,172 shares of the pipeline company’s stock worth $429,000 after buying an additional 72 shares during the period. Stifel Financial Corp boosted its position 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 worth $225,000 after buying an additional 211 shares during the period. Finally, Global X Management Co. LLC boosted its position in shares of Cone Midstream Partners by 3.4% in the second quarter. Global X Management Co. LLC now owns 7,616 shares of the pipeline company’s stock worth $144,000 after buying an additional 247 shares during the period. Institutional investors and hedge funds own 40.91% 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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