Cone Midstream Partners LP (CNNX) Rating Lowered to Strong Sell at BidaskClub

BidaskClub cut shares of Cone Midstream Partners LP (NYSE:CNNX) from a sell rating to a strong sell rating in a research note issued to investors on Tuesday, June 13th.

A number of other equities analysts have also recently issued reports on CNNX. ValuEngine cut Cone Midstream Partners from a strong-buy rating to a buy rating in a report on Friday, June 2nd. Royal Bank Of Canada reaffirmed a buy rating and issued a $26.00 target price on shares of Cone Midstream Partners in a report on Friday, March 31st. Citigroup Inc. reaffirmed a neutral rating and issued a $25.00 target price (up previously from $21.00) on shares of Cone Midstream Partners in a report on Tuesday, April 25th. Zacks Investment Research cut Cone Midstream Partners from a buy rating to a hold rating in a report on Wednesday, May 3rd. Finally, Johnson Rice began coverage on Cone Midstream Partners in a research note on Thursday, March 23rd. They issued an accumulate rating for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $22.71.

Shares of Cone Midstream Partners (CNNX) traded up 1.66% during trading on Tuesday, hitting $18.37. The stock had a trading volume of 275,371 shares. Cone Midstream Partners has a 1-year low of $16.03 and a 1-year high of $25.56. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 11.29 and a beta of 1.60. The firm has a 50 day moving average of $20.92 and a 200 day moving average of $22.29.

Cone Midstream Partners (NYSE:CNNX) last issued its earnings results on Thursday, May 4th. The pipeline company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. Cone Midstream Partners had a return on equity of 12.90% and a net margin of 43.13%. The business had revenue of $59 million during the quarter, compared to analysts’ expectations of $60.28 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. Analysts expect that Cone Midstream Partners will post $1.70 EPS for the current fiscal year.

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Several large investors have recently made changes to their positions in CNNX. Goldman Sachs Group Inc. raised its stake in shares of Cone Midstream Partners by 106.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,001,411 shares of the pipeline company’s stock valued at $23,643,000 after buying an additional 515,457 shares during the last quarter. Allianz Asset Management AG raised its stake in shares of Cone Midstream Partners by 2.9% in the fourth quarter. Allianz Asset Management AG now owns 827,447 shares of the pipeline company’s stock valued at $19,486,000 after buying an additional 23,082 shares during the last quarter. Oakview Capital Management L.P. acquired a new stake in shares of Cone Midstream Partners during the fourth quarter valued at approximately $15,014,000. Westwood Holdings Group Inc. raised its stake in shares of Cone Midstream Partners by 12.3% in the first quarter. Westwood Holdings Group Inc. now owns 507,895 shares of the pipeline company’s stock valued at $11,991,000 after buying an additional 55,545 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Cone Midstream Partners by 9.9% in the first quarter. Bank of New York Mellon Corp now owns 354,470 shares of the pipeline company’s stock valued at $8,369,000 after buying an additional 32,013 shares during the last quarter. Institutional investors own 40.74% of the company’s stock.

About Cone Midstream Partners

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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