Scotiabank Reiterates “$22.00” Price Target for Rice Midstream Partners LP (NYSE:RMP)

Scotiabank set a $22.00 price objective on Rice Midstream Partners LP (NYSE:RMP) in a research note issued to investors on Saturday, July 22nd. The brokerage currently has a hold rating on the oil and gas producer’s stock.

Several other research firms also recently commented on RMP. Wells Fargo & Company raised Rice Midstream Partners from a market perform rating to an outperform rating in a research note on Monday, July 17th. SunTrust Banks, Inc. downgraded Rice Midstream Partners from a buy rating to a hold rating and cut their target price for the stock from $28.00 to $21.00 in a research note on Monday, June 19th. Royal Bank Of Canada downgraded Rice Midstream Partners from an outperform rating to a sector perform rating and cut their target price for the stock from $32.00 to $21.00 in a research note on Tuesday, June 20th. BidaskClub downgraded Rice Midstream Partners from a sell rating to a strong sell rating in a research note on Tuesday, June 20th. Finally, ValuEngine downgraded Rice Midstream Partners from a buy rating to a hold rating in a research note on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $23.78.

Rice Midstream Partners (NYSE RMP) traded up 0.10% during midday trading on Friday, hitting $19.72. 196,054 shares of the stock traded hands. The stock has a market cap of $2.02 billion, a PE ratio of 13.96 and a beta of 1.31. Rice Midstream Partners has a 12 month low of $16.87 and a 12 month high of $26.42. The company has a 50-day moving average of $20.31 and a 200-day moving average of $23.36.

Rice Midstream Partners (NYSE:RMP) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and gas producer reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.09. The firm had revenue of $72.38 million during the quarter, compared to the consensus estimate of $58.20 million. Rice Midstream Partners had a return on equity of 12.71% and a net margin of 58.22%. The firm’s revenue was up 55.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 EPS. On average, equities research analysts anticipate that Rice Midstream Partners will post $1.41 earnings per share for the current year.

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The business also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Tuesday, August 8th were issued a dividend of $0.2711 per share. This represents a $1.08 dividend on an annualized basis and a yield of 5.50%. The ex-dividend date was Friday, August 4th. This is a boost from Rice Midstream Partners’s previous quarterly dividend of $0.26. Rice Midstream Partners’s dividend payout ratio is 70.13%.

A number of large investors have recently made changes to their positions in the stock. Guggenheim Capital LLC boosted its stake in shares of Rice Midstream Partners by 14.0% in the fourth quarter. Guggenheim Capital LLC now owns 90,611 shares of the oil and gas producer’s stock worth $2,227,000 after buying an additional 11,099 shares during the period. Brookfield Asset Management Inc. boosted its stake in shares of Rice Midstream Partners by 3.9% in the fourth quarter. Brookfield Asset Management Inc. now owns 1,077,881 shares of the oil and gas producer’s stock worth $26,494,000 after buying an additional 40,551 shares during the period. HITE Hedge Asset Management LLC boosted its stake in shares of Rice Midstream Partners by 200.2% in the fourth quarter. HITE Hedge Asset Management LLC now owns 1,121,873 shares of the oil and gas producer’s stock worth $27,576,000 after buying an additional 748,125 shares during the period. Bank of Montreal Can bought a new stake in shares of Rice Midstream Partners during the first quarter worth approximately $4,502,000. Finally, Spirit of America Management Corp NY boosted its stake in shares of Rice Midstream Partners by 10.8% in the first quarter. Spirit of America Management Corp NY now owns 1,060,734 shares of the oil and gas producer’s stock worth $26,752,000 after buying an additional 103,042 shares during the period.

About Rice Midstream Partners

Rice Midstream Partners LP owns, operates, develops and acquires midstream assets in the Appalachian Basin. The Company’s segments are gathering and compression, and water services. The gathering and compression segment provides natural gas gathering and compression services for Rice Energy Inc (Rice Energy) and third parties in the Appalachian Basin.

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