Zacks Investment Research Lowers CNX Midstream Partners (CNXM) to Sell

Zacks Investment Research downgraded shares of CNX Midstream Partners (NYSE:CNXM) from a hold rating to a sell rating in a research note released on Tuesday morning, Zacks.com reports.

According to Zacks, “CNX Midstream Partners LP is a master limited partnership which owns, operates and develops natural gas gathering and other midstream energy assets primarily in the Marcellus Shale in Pennsylvania and West Virginia. CNX Midstream Partners LP, formerly known as CONE Midstream Partners LP, is based in Canonsburg, PA. “

Other equities research analysts have also issued reports about the company. Wells Fargo & Co lowered CNX Midstream Partners from an outperform rating to a market perform rating in a research report on Tuesday, March 19th. Robert W. Baird lowered CNX Midstream Partners from an outperform rating to a neutral rating and dropped their price target for the company from $25.00 to $18.00 in a research report on Thursday, March 7th. They noted that the move was a valuation call. JPMorgan Chase & Co. lowered CNX Midstream Partners from an overweight rating to a neutral rating and dropped their price target for the company from $24.00 to $20.00 in a research report on Tuesday, February 5th. Finally, ValuEngine lowered CNX Midstream Partners from a hold rating to a sell rating in a research report on Tuesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $21.33.

CNXM stock opened at $15.24 on Tuesday. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. The company has a market cap of $955.96 million, a P/E ratio of 8.06, a PEG ratio of 0.55 and a beta of 1.28. CNX Midstream Partners has a 12-month low of $13.86 and a 12-month high of $21.00.

CNX Midstream Partners (NYSE:CNXM) last posted its quarterly earnings results on Tuesday, April 30th. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.03). The firm had revenue of $72.22 million for the quarter, compared to analyst estimates of $68.55 million. CNX Midstream Partners had a net margin of 53.32% and a return on equity of 36.16%. The business’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 earnings per share. Sell-side analysts expect that CNX Midstream Partners will post 1.95 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 14th. Shareholders of record on Monday, May 6th were given a $0.3732 dividend. The ex-dividend date was Friday, May 3rd. This is a positive change from CNX Midstream Partners’s previous quarterly dividend of $0.36. This represents a $1.49 annualized dividend and a yield of 9.80%. CNX Midstream Partners’s dividend payout ratio (DPR) is currently 78.84%.

In related news, Chairman N J. Deiuliis bought 6,100 shares of the company’s stock in a transaction on Friday, February 22nd. The shares were purchased at an average cost of $16.30 per share, with a total value of $99,430.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Chicago Partners Investment Group LLC increased its position in CNX Midstream Partners by 2.3% in the first quarter. Chicago Partners Investment Group LLC now owns 31,442 shares of the pipeline company’s stock worth $482,000 after buying an additional 692 shares during the period. PNC Financial Services Group Inc. increased its position in CNX Midstream Partners by 18.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,350 shares of the pipeline company’s stock worth $86,000 after buying an additional 850 shares during the period. Squar Milner Financial Services LLC acquired a new stake in CNX Midstream Partners in the first quarter worth $25,000. Penserra Capital Management LLC increased its position in CNX Midstream Partners by 15.6% in the first quarter. Penserra Capital Management LLC now owns 12,600 shares of the pipeline company’s stock worth $191,000 after buying an additional 1,700 shares during the period. Finally, Cresset Asset Management LLC acquired a new stake in CNX Midstream Partners in the first quarter worth $30,000. 50.98% of the stock is currently owned by hedge funds and other institutional investors.

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. The company operates through two segments, Anchor Systems and Additional Systems. As of December 31, 2018, the company operated 14 compression and dehydration facilities.

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