Analysts Set CNX Midstream Partners LP (CNXM) Price Target at $23.75

Shares of CNX Midstream Partners LP (NYSE:CNXM) have earned an average recommendation of “Buy” from the nine research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $23.75.

CNXM has been the subject of several recent research reports. ValuEngine upgraded shares of CNX Midstream Partners from a “sell” rating to a “hold” rating in a report on Friday, August 10th. Zacks Investment Research lowered shares of CNX Midstream Partners from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 8th. Wells Fargo & Co lowered their target price on shares of CNX Midstream Partners from $28.00 to $24.00 and set an “outperform” rating for the company in a report on Thursday, November 1st. Finally, Mitsubishi UFJ Financial Group initiated coverage on shares of CNX Midstream Partners in a report on Friday, October 5th. They set an “overweight” rating and a $24.00 target price for the company.

In related news, major shareholder Nbl Midstream, Llc sold 14,217,198 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $17.75, for a total value of $252,355,264.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP raised its holdings in CNX Midstream Partners by 8.1% in the 2nd quarter. GSA Capital Partners LLP now owns 46,791 shares of the pipeline company’s stock worth $907,000 after acquiring an additional 3,506 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in CNX Midstream Partners by 23.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 19,050 shares of the pipeline company’s stock worth $367,000 after acquiring an additional 3,650 shares during the last quarter. Captrust Financial Advisors purchased a new position in CNX Midstream Partners in the 3rd quarter worth approximately $171,000. EJF Capital LLC raised its holdings in CNX Midstream Partners by 40.0% in the 2nd quarter. EJF Capital LLC now owns 35,000 shares of the pipeline company’s stock worth $679,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in CNX Midstream Partners in the 2nd quarter worth approximately $216,000. Institutional investors own 46.59% of the company’s stock.

Shares of CNXM stock traded down $0.16 during trading hours on Friday, hitting $17.24. 37,573 shares of the company’s stock traded hands, compared to its average volume of 204,174. CNX Midstream Partners has a 12-month low of $16.10 and a 12-month high of $21.05. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 0.70 and a beta of 1.56. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.45 and a current ratio of 0.45.

CNX Midstream Partners (NYSE:CNXM) last released its earnings results on Tuesday, October 30th. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.04. CNX Midstream Partners had a net margin of 47.87% and a return on equity of 23.69%. The firm had revenue of $60.97 million during the quarter, compared to analyst estimates of $64.72 million. During the same period last year, the business earned $0.43 earnings per share. The business’s revenue was up 7.6% on a year-over-year basis. As a group, sell-side analysts forecast that CNX Midstream Partners will post 1.77 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 13th. Investors of record on Monday, November 5th were issued a $0.3479 dividend. This is a positive change from CNX Midstream Partners’s previous quarterly dividend of $0.34. This represents a $1.39 dividend on an annualized basis and a yield of 8.07%. The ex-dividend date of this dividend was Friday, November 2nd. CNX Midstream Partners’s payout ratio is presently 80.81%.

CNX Midstream Partners Company Profile

CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. As of December 31, 2017, the company operates 18 compression and dehydration facilities. It also operates condensate handling facilities with handling capacities of 2,500 Bbl/d each in Majorsville, Pennsylvania, as well as Moundsville, West Virginia that provide condensate gathering, collection, separation, and stabilization services.

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Analyst Recommendations for CNX Midstream Partners (NYSE:CNXM)

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