Cone Midstream Partners LP (CNNX) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Cone Midstream Partners LP (NYSE:CNNX) from a sell rating to a hold rating in a report released on Wednesday morning.

According to Zacks, “CONE Midstream Partners LP owns, operates, develops and acquires natural gas gathering and other midstream energy assets. The Company’s initial assets include natural gas gathering pipelines and compression and dehydration facilities, condensate gathering, collection, separation and stabilization facilities. CONE Midstream Partners LP is based in Canonsburg, Pennsylvania. “

Several other research firms have also recently weighed in on CNNX. BidaskClub upgraded shares of Cone Midstream Partners from a sell rating to a hold rating in a research report on Wednesday, July 19th. Barclays PLC upgraded shares of Cone Midstream Partners from an equal weight rating to an overweight rating and set a $22.00 price objective on the stock in a research report on Tuesday, July 18th. Morgan Stanley lowered their price objective on shares of Cone Midstream Partners from $25.00 to $24.00 and set an equal weight rating on the stock in a research report on Friday, July 14th. Stifel Nicolaus reiterated a buy rating and issued a $25.00 target price on shares of Cone Midstream Partners in a research report on Friday, August 11th. Finally, Bank of America Corporation decreased their target price on shares of Cone Midstream Partners from $23.00 to $21.00 and set a neutral rating on the stock in a research report on Tuesday, August 8th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $23.29.

Shares of Cone Midstream Partners (NYSE:CNNX) opened at $16.72 on Wednesday. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.21. The firm has a market cap of $572.86, a price-to-earnings ratio of 9.79, a PEG ratio of 0.86 and a beta of 1.64. Cone Midstream Partners has a 52-week low of $15.25 and a 52-week high of $25.56.

Cone Midstream Partners (NYSE:CNNX) last posted its quarterly earnings data on Thursday, November 2nd. The pipeline company reported $0.43 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.43. The firm had revenue of $56.69 million for the quarter, compared to analysts’ expectations of $62.96 million. Cone Midstream Partners had a net margin of 48.40% and a return on equity of 15.22%. The business’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the company posted $0.40 EPS. sell-side analysts expect that Cone Midstream Partners will post 1.75 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: “Cone Midstream Partners LP (CNNX) Raised to “Hold” at Zacks Investment Research” was posted by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this piece on another publication, it was copied illegally and republished in violation of United States and international copyright & trademark legislation. The legal version of this piece can be viewed at https://stocknewstimes.com/2017/11/11/cone-midstream-partners-lp-cnnx-raised-to-hold-at-zacks-investment-research.html.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Friday, November 3rd will be given a $0.3025 dividend. This represents a $1.21 dividend on an annualized basis and a yield of 7.24%. The ex-dividend date of this dividend is Thursday, November 2nd. This is a boost from Cone Midstream Partners’s previous quarterly dividend of $0.29. Cone Midstream Partners’s dividend payout ratio (DPR) is presently 71.18%.

A number of large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its holdings in Cone Midstream Partners by 106.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,001,411 shares of the pipeline company’s stock worth $23,643,000 after acquiring an additional 515,457 shares during the last quarter. Westwood Holdings Group Inc. grew its holdings in Cone Midstream Partners by 13.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 577,569 shares of the pipeline company’s stock worth $10,945,000 after acquiring an additional 69,674 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Cone Midstream Partners by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 357,701 shares of the pipeline company’s stock worth $6,778,000 after acquiring an additional 3,231 shares during the last quarter. Marshall Wace North America L.P. grew its holdings in Cone Midstream Partners by 341.5% in the 2nd quarter. Marshall Wace North America L.P. now owns 234,851 shares of the pipeline company’s stock worth $4,462,000 after acquiring an additional 181,654 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Cone Midstream Partners by 15.0% in the 1st quarter. Renaissance Technologies LLC now owns 178,800 shares of the pipeline company’s stock worth $4,221,000 after acquiring an additional 23,387 shares during the last quarter. Institutional investors own 36.52% 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.

Get a free copy of the Zacks research report on Cone Midstream Partners (CNNX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Cone Midstream Partners (NYSE:CNNX)

Receive News & Ratings for Cone Midstream Partners LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cone Midstream Partners LP and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply