Zacks Investment Research upgraded shares of CSI Compressco (NASDAQ:CCLP) from a hold rating to a buy rating in a research note issued to investors on Friday. The firm currently has $4.75 price target on the oil and gas company’s stock.
According to Zacks, “CSI Compressco LP offers compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. Its equipment and parts sales business includes the fabrication and sale of standard compressor packages, custom-designed compressor packages and engine-driven oilfield fluid pump systems designed. The company offers well monitoring and automated sand separation services as well as compressor package reconfiguration and maintenance services. CSI Compressco LP, formerly known as Compressco Partners, L.P., is headquartered in Oklahoma City. “
Several other analysts have also recently issued reports on the company. Janney Montgomery Scott cut CSI Compressco from a buy rating to a neutral rating in a report on Friday, October 12th. BidaskClub cut CSI Compressco from a hold rating to a sell rating in a report on Friday, September 7th. Finally, ValuEngine cut CSI Compressco from a buy rating to a hold rating in a report on Tuesday, September 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $6.58.
CSI Compressco (NASDAQ:CCLP) last issued its earnings results on Wednesday, November 7th. The oil and gas company reported ($0.18) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.04). The company had revenue of $115.26 million during the quarter, compared to analysts’ expectations of $108.80 million. CSI Compressco had a negative net margin of 11.45% and a negative return on equity of 54.97%. Research analysts predict that CSI Compressco will post -0.87 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Thursday, November 1st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 71.60%. The ex-dividend date of this dividend was Wednesday, October 31st. This is a positive change from CSI Compressco’s previous quarterly dividend of $0.19. CSI Compressco’s dividend payout ratio is -64.10%.
Several institutional investors have recently made changes to their positions in CCLP. FMR LLC lifted its stake in shares of CSI Compressco by 17.9% in the 2nd quarter. FMR LLC now owns 1,418,587 shares of the oil and gas company’s stock valued at $7,916,000 after purchasing an additional 215,651 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of CSI Compressco by 120.3% in the 2nd quarter. Renaissance Technologies LLC now owns 308,002 shares of the oil and gas company’s stock valued at $1,719,000 after purchasing an additional 168,218 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in shares of CSI Compressco by 4.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 4,275,136 shares of the oil and gas company’s stock valued at $23,856,000 after purchasing an additional 179,760 shares during the last quarter. Hilltop Holdings Inc. lifted its stake in shares of CSI Compressco by 23.5% in the 2nd quarter. Hilltop Holdings Inc. now owns 97,150 shares of the oil and gas company’s stock valued at $542,000 after purchasing an additional 18,500 shares during the last quarter. Finally, WealthTrust Axiom LLC lifted its stake in shares of CSI Compressco by 41.1% in the 3rd quarter. WealthTrust Axiom LLC now owns 352,500 shares of the oil and gas company’s stock valued at $1,815,000 after purchasing an additional 102,700 shares during the last quarter. 26.17% of the stock is currently owned by institutional investors and hedge funds.
CSI Compressco Company Profile
CSI Compressco LP provides compression services and equipment for natural gas and oil production, gathering, transportation, processing, and storage applications in the United States and internationally. It fabricates and sells standard and custom-designed compressor packages, oilfield fluid pump systems, and compressor package parts and components, as well as provides aftermarket services, such as operations, maintenance, overhaul, and reconfiguration services.
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