CSI Compressco LP (CCLP) Debt Trading 1.1% Higher

An issue of CSI Compressco LP (NASDAQ:CCLP) debt rose 1.1% against its face value during trading on Thursday. The high-yield issue of debt has a 7.25% coupon and is set to mature on August 15, 2022. The bonds in the issue are now trading at $92.50 and were trading at $91.13 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.

Several research firms recently issued reports on CCLP. ValuEngine raised shares of CSI Compressco from a “strong sell” rating to a “sell” rating in a report on Thursday. Capital One Financial Corporation reaffirmed an “equal weight” rating on shares of CSI Compressco in a report on Tuesday, August 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price target (up from $5.00) on shares of CSI Compressco in a report on Thursday. Stifel Nicolaus reaffirmed a “hold” rating and issued a $5.00 price target on shares of CSI Compressco in a report on Friday, November 3rd. Finally, Bank of America Corporation cut their price target on shares of CSI Compressco from $6.50 to $5.00 and set an “underperform” rating on the stock in a report on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $5.33.

Shares of CSI Compressco LP (CCLP) traded down $0.11 during trading hours on Friday, hitting $5.49. 149,700 shares of the company’s stock were exchanged, compared to its average volume of 134,492. CSI Compressco LP has a 52 week low of $4.12 and a 52 week high of $13.54. The company has a debt-to-equity ratio of 4.92, a quick ratio of 1.08 and a current ratio of 1.75.

CSI Compressco (NASDAQ:CCLP) last issued its earnings results on Tuesday, August 8th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.04. The company had revenue of $75.32 million for the quarter, compared to analysts’ expectations of $66.64 million. CSI Compressco had a negative net margin of 14.20% and a negative return on equity of 35.88%. equities research analysts anticipate that CSI Compressco LP will post -1.1 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Wednesday, November 1st will be given a dividend of $0.1875 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.75 annualized dividend and a dividend yield of 13.66%. CSI Compressco’s dividend payout ratio is currently -60.00%.

Several institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. grew its position in shares of CSI Compressco by 9.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 122,770 shares of the oil and gas company’s stock worth $640,000 after acquiring an additional 10,232 shares during the last quarter. Aegis Financial Corp grew its position in shares of CSI Compressco by 22.0% during the second quarter. Aegis Financial Corp now owns 61,000 shares of the oil and gas company’s stock worth $296,000 after acquiring an additional 11,000 shares during the last quarter. Virtu KCG Holdings LLC bought a new position in shares of CSI Compressco during the second quarter worth about $146,000. FMR LLC grew its position in shares of CSI Compressco by 91.7% during the second quarter. FMR LLC now owns 1,353,231 shares of the oil and gas company’s stock worth $6,563,000 after acquiring an additional 647,176 shares during the last quarter. Finally, Airain ltd bought a new position in shares of CSI Compressco during the second quarter worth about $796,000. Institutional investors and hedge funds own 28.66% of the company’s stock.

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CSI Compressco Company Profile

CSI Compressco LP is a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Company sells custom-designed compressor packages and oilfield fluid pump systems, and provides aftermarket services and compressor package parts and components manufactured by third-party suppliers.

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