CNX Midstream Partners (CNXM) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of CNX Midstream Partners (NYSE:CNXM) from a buy rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “CNX Midstream Partners LP is a master limited partnership which owns, operates and develops natural gas gathering and other midstream energy assets primarily in the Marcellus Shale in Pennsylvania and West Virginia. CNX Midstream Partners LP, formerly known as CONE Midstream Partners LP, is based in Canonsburg, PA. “

A number of other equities research analysts have also issued reports on CNXM. ValuEngine upgraded CNX Midstream Partners from a sell rating to a hold rating in a research note on Wednesday, January 2nd. Wells Fargo & Co cut their price objective on CNX Midstream Partners from $28.00 to $24.00 and set an outperform rating for the company in a research report on Thursday, November 1st. Finally, Mitsubishi UFJ Financial Group initiated coverage on shares of CNX Midstream Partners in a report on Friday, October 5th. They issued an overweight rating and a $24.00 price target for the company. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. CNX Midstream Partners presently has an average rating of Buy and an average target price of $23.50.

CNX Midstream Partners stock traded down $0.06 during trading on Wednesday, reaching $17.49. The company had a trading volume of 273,702 shares, compared to its average volume of 387,732. CNX Midstream Partners has a 52 week low of $15.25 and a 52 week high of $21.00. The stock has a market cap of $1.11 billion, a P/E ratio of 10.17, a P/E/G ratio of 0.50 and a beta of 1.46. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.45 and a current ratio of 0.45.

CNX Midstream Partners (NYSE:CNXM) last announced its earnings results on Tuesday, October 30th. The pipeline company reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.04. CNX Midstream Partners had a return on equity of 23.69% and a net margin of 47.87%. The company had revenue of $60.97 million for the quarter, compared to analysts’ expectations of $64.72 million. During the same period last year, the firm earned $0.43 EPS. CNX Midstream Partners’s revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts predict that CNX Midstream Partners will post 1.77 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC boosted its holdings in CNX Midstream Partners by 42.8% in the second quarter. FMR LLC now owns 56,400 shares of the pipeline company’s stock worth $1,094,000 after acquiring an additional 16,900 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of CNX Midstream Partners by 112.7% in the second quarter. Renaissance Technologies LLC now owns 170,800 shares of the pipeline company’s stock valued at $3,312,000 after purchasing an additional 90,500 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of CNX Midstream Partners by 385.8% in the second quarter. Bank of America Corp DE now owns 224,047 shares of the pipeline company’s stock valued at $4,345,000 after purchasing an additional 177,925 shares in the last quarter. Castleark Management LLC lifted its holdings in shares of CNX Midstream Partners by 36.3% in the second quarter. Castleark Management LLC now owns 131,300 shares of the pipeline company’s stock valued at $2,546,000 after purchasing an additional 35,000 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in shares of CNX Midstream Partners in the second quarter valued at approximately $216,000. 52.31% of the stock is owned by institutional investors and hedge funds.

CNX Midstream Partners Company Profile

CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. As of December 31, 2017, the company operates 18 compression and dehydration facilities. It also operates condensate handling facilities with handling capacities of 2,500 Bbl/d each in Majorsville, Pennsylvania, as well as Moundsville, West Virginia that provide condensate gathering, collection, separation, and stabilization services.

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