Fmr LLC continued to hold its stake in Crestwood Equity Partners LP (NYSE:CEQP) during the second quarter, according to its most recent filing with the SEC. The firm owned 275,000 shares of the pipeline company’s stock at the end of the second quarter. Fmr LLC owned about 0.39% of Crestwood Equity Partners worth $6,463,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in CEQP. Penserra Capital Management LLC boosted its stake in shares of Crestwood Equity Partners by 520.8% in the 2nd quarter. Penserra Capital Management LLC now owns 5,550 shares of the pipeline company’s stock valued at $129,000 after buying an additional 4,656 shares during the period. Chicago Partners Investment Group LLC boosted its stake in shares of Crestwood Equity Partners by 387.9% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 7,729 shares of the pipeline company’s stock valued at $190,000 after buying an additional 6,145 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Crestwood Equity Partners by 5.9% in the 2nd quarter. Alliancebernstein L.P. now owns 12,436 shares of the pipeline company’s stock valued at $292,000 after buying an additional 696 shares during the period. Sigma Planning Corp boosted its stake in shares of Crestwood Equity Partners by 6.9% in the 2nd quarter. Sigma Planning Corp now owns 18,164 shares of the pipeline company’s stock valued at $427,000 after buying an additional 1,172 shares during the period. Finally, Marshall Wace North America L.P. purchased a new position in shares of Crestwood Equity Partners in the 2nd quarter valued at about $472,000. Institutional investors own 65.65% of the company’s stock.
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Several equities analysts have recently issued reports on CEQP shares. BidaskClub cut Crestwood Equity Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Stifel Nicolaus upgraded Crestwood Equity Partners from a “hold” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $28.00 in a research note on Wednesday, August 2nd. Finally, ValuEngine cut Crestwood Equity Partners from a “hold” rating to a “sell” rating in a research note on Friday, September 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $27.20.
In other news, SVP Joel Christian Lambert sold 6,927 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $25.47, for a total value of $176,430.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 36.20% of the stock is owned by corporate insiders.
Crestwood Equity Partners (NYSE:CEQP) last issued its earnings results on Tuesday, October 31st. The pipeline company reported ($0.72) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.65). Crestwood Equity Partners had a negative return on equity of 3.28% and a negative net margin of 5.36%. The company had revenue of $955.60 million during the quarter, compared to analysts’ expectations of $830.77 million. During the same period in the previous year, the company earned ($0.14) EPS. Crestwood Equity Partners’s quarterly revenue was up 62.6% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, November 7th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of Infinity. The ex-dividend date is Monday, November 6th. Crestwood Equity Partners’s payout ratio is -85.11%.
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.
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