Royal Bank Of Canada reissued their hold rating on shares of Cone Midstream Partners LP (NYSE:CNNX) in a report issued on Monday morning. Royal Bank Of Canada currently has a $22.00 target price on the pipeline company’s stock.
A number of other equities research analysts have also issued reports on CNNX. BidaskClub lowered Cone Midstream Partners from a sell rating to a strong sell rating in a research note on Wednesday, August 9th. Stifel Nicolaus reaffirmed a buy rating and issued a $25.00 target price on shares of Cone Midstream Partners in a research note on Friday, August 11th. Bank of America Corporation reduced their target price on Cone Midstream Partners from $23.00 to $21.00 and set a neutral rating on the stock in a research note on Tuesday, August 8th. Barclays PLC raised Cone Midstream Partners from an equal weight rating to an overweight rating and set a $22.00 target price on the stock in a research note on Tuesday, July 18th. Finally, ValuEngine raised Cone Midstream Partners from a hold rating to a buy rating in a research note on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Cone Midstream Partners currently has an average rating of Hold and a consensus target price of $23.29.
Cone Midstream Partners (NYSE:CNNX) last posted its earnings results on Monday, August 7th. The pipeline company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Cone Midstream Partners had a return on equity of 14.15% and a net margin of 45.95%. The firm had revenue of $56.50 million for the quarter, compared to analyst estimates of $60.15 million. During the same quarter in the prior year, the company earned $0.39 EPS. Cone Midstream Partners’s revenue was down 3.3% on a year-over-year basis.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Friday, November 3rd will be issued a $0.3025 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This is an increase from Cone Midstream Partners’s previous quarterly dividend of $0.29. This represents a $1.21 annualized dividend and a yield of 7.31%. Cone Midstream Partners’s payout ratio is 70.06%.
Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its holdings in Cone Midstream Partners by 106.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,001,411 shares of the pipeline company’s stock valued at $23,643,000 after acquiring an additional 515,457 shares during the last quarter. Marshall Wace North America L.P. raised its holdings in Cone Midstream Partners by 341.5% in the 2nd quarter. Marshall Wace North America L.P. now owns 234,851 shares of the pipeline company’s stock valued at $4,462,000 after acquiring an additional 181,654 shares during the last quarter. Naples Global Advisors LLC raised its holdings in Cone Midstream Partners by 10.4% in the 2nd quarter. Naples Global Advisors LLC now owns 21,225 shares of the pipeline company’s stock valued at $402,000 after acquiring an additional 2,000 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new position in Cone Midstream Partners in the 2nd quarter valued at $1,449,000. Finally, River & Mercantile Asset Management LLP acquired a new position in Cone Midstream Partners in the 2nd quarter valued at $683,000. Institutional investors own 36.52% of the company’s stock.
Cone Midstream Partners Company Profile
CONE Midstream Partners LP is a master limited partnership formed by CONSOL Energy Inc (CONSOL) and Noble Energy, Inc (Noble Energy). The Company owns, operates, develops and acquires natural gas gathering and other midstream energy assets to service CONSOL’s and Noble Energy’s production in the Marcellus Shale in Pennsylvania and West Virginia.
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