Rattler Midstream (NASDAQ:RTLR) Downgraded by Zacks Investment Research to “Hold”

Rattler Midstream (NASDAQ:RTLR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Rattler Midstream LP owns, operates, develops and acquires midstream infrastructure assets primarily in the Midland and Delaware Basins of the Permian Basin. It provides crude oil, natural gas and water-related midstream services. Rattler Midstream LP is based in Austin, United States. “

Other equities analysts have also recently issued research reports about the stock. Bank of America lifted their target price on shares of Rattler Midstream from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Barclays set a $19.00 target price on Rattler Midstream and gave the stock a “hold” rating in a research note on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $22.14.

Shares of RTLR traded down $0.16 during trading hours on Wednesday, reaching $15.08. 2,996 shares of the stock traded hands, compared to its average volume of 432,051. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.66 and a quick ratio of 0.49. The stock has a fifty day moving average price of $15.17. Rattler Midstream has a 52 week low of $14.01 and a 52 week high of $20.24.

Rattler Midstream (NASDAQ:RTLR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). The company had revenue of $115.42 million for the quarter, compared to analyst estimates of $107.17 million. On average, equities research analysts expect that Rattler Midstream will post 1.04 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tortoise Capital Advisors L.L.C. purchased a new position in Rattler Midstream in the second quarter valued at approximately $91,193,000. Zimmer Partners LP lifted its position in shares of Rattler Midstream by 1.2% during the 3rd quarter. Zimmer Partners LP now owns 2,270,477 shares of the company’s stock valued at $40,460,000 after buying an additional 26,771 shares during the last quarter. Corvex Management LP bought a new position in shares of Rattler Midstream during the 2nd quarter worth $40,719,000. Cardinal Capital Management LLC CT bought a new position in shares of Rattler Midstream during the 2nd quarter worth $30,155,000. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Rattler Midstream by 15.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,538,872 shares of the company’s stock worth $27,422,000 after acquiring an additional 200,294 shares during the period. Hedge funds and other institutional investors own 29.16% of the company’s stock.

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