Crestwood Equity Partners LP (NYSE:CEQP) declared a quarterly dividend on Friday, October 20th, Wall Street Journal reports. Stockholders of record on Tuesday, November 7th will be paid a dividend of 0.60 per share by the pipeline company on Tuesday, November 14th. This represents a $2.40 annualized dividend and a dividend yield of 9.60%. The ex-dividend date of this dividend is Monday, November 6th.
Crestwood Equity Partners has increased its dividend payment by an average of 33.0% annually over the last three years. Crestwood Equity Partners has a dividend payout ratio of -233.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Crestwood Equity Partners to earn ($0.21) per share next year, which means the company may not be able to cover its $2.40 annual dividend with an expected future payout ratio of -1,142.9%.
Shares of Crestwood Equity Partners (CEQP) opened at 25.00 on Wednesday. The stock’s 50 day moving average is $24.50 and its 200 day moving average is $24.21. The company’s market capitalization is $1.74 billion. Crestwood Equity Partners has a 52-week low of $18.50 and a 52-week high of $28.30.
Crestwood Equity Partners (NYSE:CEQP) last issued its quarterly earnings results on Tuesday, October 31st. The pipeline company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.35). 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 $955.60 million for the quarter, compared to analysts’ expectations of $830.77 million. During the same period last year, the business earned ($0.14) earnings per share. The company’s revenue was up 62.6% on a year-over-year basis. Equities analysts expect that Crestwood Equity Partners will post ($0.99) EPS for the current year.
In other Crestwood Equity Partners news, SVP Joel Christian Lambert sold 6,927 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $25.47, for a total transaction of $176,430.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 36.20% of the stock is currently owned by company insiders.
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A number of research firms have weighed in on CEQP. Stifel Nicolaus upgraded shares of Crestwood Equity Partners from a “hold” rating to a “buy” rating and raised their price objective for the company from $27.00 to $28.00 in a research note on Wednesday, August 2nd. ValuEngine upgraded shares of Crestwood Equity Partners from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, BidaskClub lowered shares of Crestwood Equity Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Crestwood Equity Partners currently has a consensus rating of “Hold” and an average price target of $27.20.
Crestwood Equity Partners Company Profile
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.
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