Crestwood Equity Partners LP (NYSE:CEQP) Releases Quarterly Earnings Results, Misses Estimates By $0.23 EPS

Crestwood Equity Partners LP (NYSE:CEQP) announced its earnings results on Tuesday, August 1st. The pipeline company reported ($0.28) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.23, MarketWatch Earnings reports. Crestwood Equity Partners had a negative net margin of 4.68% and a negative return on equity of 1.13%. The business had revenue of $850.30 million for the quarter, compared to the consensus estimate of $706.34 million. During the same quarter last year, the firm posted ($0.74) EPS. The business’s quarterly revenue was up 41.3% on a year-over-year basis.

Crestwood Equity Partners (NYSE CEQP) traded down 0.82% during trading on Friday, hitting $24.20. The stock had a trading volume of 105,931 shares. The stock’s market capitalization is $1.69 billion. The stock’s 50-day moving average is $24.36 and its 200-day moving average is $24.82. Crestwood Equity Partners has a 52-week low of $18.51 and a 52-week high of $28.30.

The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, August 7th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 9.92%. The ex-dividend date was Thursday, August 3rd. Crestwood Equity Partners’s dividend payout ratio is presently -107.14%.

Several equities analysts have recently issued reports on CEQP shares. BidaskClub raised Crestwood Equity Partners from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. ValuEngine lowered Crestwood Equity Partners from a “hold” rating to a “sell” rating in a research report on Saturday, June 3rd. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $27.00 price target (up previously from $26.00) on shares of Crestwood Equity Partners in a research report on Thursday, May 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Crestwood Equity Partners presently has an average rating of “Hold” and an average target price of $27.40.

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In related news, SVP Joel Christian Lambert sold 6,927 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $25.47, for a total transaction of $176,430.69. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 36.20% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the company. OppenheimerFunds Inc. increased its stake in shares of Crestwood Equity Partners by 5.3% in the first quarter. OppenheimerFunds Inc. now owns 5,604,459 shares of the pipeline company’s stock valued at $147,117,000 after buying an additional 280,441 shares in the last quarter. Center Coast Capital Advisors LP increased its stake in shares of Crestwood Equity Partners by 9.7% in the second quarter. Center Coast Capital Advisors LP now owns 2,658,700 shares of the pipeline company’s stock valued at $62,479,000 after buying an additional 236,059 shares in the last quarter. Kayne Anderson Capital Advisors LP increased its stake in shares of Crestwood Equity Partners by 1.6% in the second quarter. Kayne Anderson Capital Advisors LP now owns 1,750,539 shares of the pipeline company’s stock valued at $41,136,000 after buying an additional 27,500 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Crestwood Equity Partners by 0.3% in the first quarter. Bank of Montreal Can now owns 1,122,909 shares of the pipeline company’s stock valued at $29,476,000 after buying an additional 3,909 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Crestwood Equity Partners by 39.8% in the second quarter. Goldman Sachs Group Inc. now owns 823,922 shares of the pipeline company’s stock valued at $19,363,000 after buying an additional 234,660 shares in the last quarter. 64.04% of the stock is owned by institutional investors and hedge funds.

About Crestwood Equity Partners

Crestwood Equity Partners LP is a holding company and a master limited partnership (MLP). The Company develops, acquires, owns or controls, and operates assets and operations within the energy midstream sector. The Company’s segments include gathering and processing (G&P), which includes its natural gas, crude oil and produced water G&P operations; storage and transportation, which includes its natural gas and crude oil storage and transportation operations, and marketing, supply and logistics, which includes its natural gas liquid (NGL) supply and logistics business, crude oil storage and rail loading facilities and fleet, and salt production business.

Earnings History for Crestwood Equity Partners (NYSE:CEQP)

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