CSI Compressco LP (CCLP) Sees Significant Decrease in Short Interest

CSI Compressco LP (NASDAQ:CCLP) was the recipient of a large decline in short interest during the month of October. As of October 13th, there was short interest totalling 811,563 shares, a decline of 22.0% from the September 29th total of 1,040,605 shares. Currently, 4.0% of the company’s stock are sold short. Based on an average daily trading volume, of 123,956 shares, the days-to-cover ratio is currently 6.5 days.

A number of institutional investors have recently made changes to their positions in CCLP. Citadel Advisors LLC acquired a new position in CSI Compressco in the 1st quarter worth $136,000. Virtu KCG Holdings LLC acquired a new stake in shares of CSI Compressco in the 2nd quarter valued at about $146,000. Aegis Financial Corp raised its stake in shares of CSI Compressco by 22.0% in the 2nd quarter. Aegis Financial Corp now owns 61,000 shares of the oil and gas company’s stock valued at $296,000 after purchasing an additional 11,000 shares in the last quarter. Parkwood LLC raised its stake in shares of CSI Compressco by 69.8% in the 2nd quarter. Parkwood LLC now owns 111,621 shares of the oil and gas company’s stock valued at $541,000 after purchasing an additional 45,900 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of CSI Compressco by 9.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 122,770 shares of the oil and gas company’s stock valued at $640,000 after purchasing an additional 10,232 shares in the last quarter. 28.63% of the stock is owned by hedge funds and other institutional investors.

CSI Compressco (NASDAQ:CCLP) last announced its quarterly earnings data on Tuesday, August 8th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.04. CSI Compressco had a negative net margin of 17.01% and a negative return on equity of 36.43%. The company had revenue of $75.32 million during the quarter, compared to analysts’ expectations of $66.64 million.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Wednesday, November 1st will be given a dividend of $0.1875 per share. The ex-dividend date is Tuesday, October 31st. This represents a $0.75 dividend on an annualized basis and a yield of 15.12%. CSI Compressco’s dividend payout ratio (DPR) is -50.00%.

Several analysts have weighed in on the company. Zacks Investment Research upgraded CSI Compressco from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. ValuEngine raised CSI Compressco from a “strong sell” rating to a “sell” rating in a report on Monday, October 2nd. Stifel Nicolaus set a $5.00 price target on CSI Compressco and gave the stock a “hold” rating in a report on Friday, August 25th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $8.00 price target on shares of CSI Compressco in a report on Monday, August 21st. Finally, Bank of America Corporation reduced their price target on CSI Compressco from $6.50 to $5.00 and set an “underperform” rating for the company in a report on Wednesday, August 23rd. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $6.00.

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About CSI Compressco

CSI Compressco LP is a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Company sells custom-designed compressor packages and oilfield fluid pump systems, and provides aftermarket services and compressor package parts and components manufactured by third-party suppliers.

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