Cone Midstream Partners LP (NYSE:CNNX) announced a quarterly dividend on Tuesday, July 25th, Wall Street Journal reports. Investors of record on Friday, August 4th will be paid a dividend of 0.2922 per share by the pipeline company on Monday, August 14th. This represents a $1.17 dividend on an annualized basis and a yield of 5.79%. The ex-dividend date is Wednesday, August 2nd. This is an increase from Cone Midstream Partners’s previous quarterly dividend of $0.28.
Cone Midstream Partners has a payout ratio of 67.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cone Midstream Partners to earn $1.87 per share next year, which means the company should continue to be able to cover its $1.17 annual dividend with an expected future payout ratio of 62.6%.
Shares of Cone Midstream Partners (NYSE:CNNX) traded up 0.50% during trading on Tuesday, reaching $20.18. 38,776 shares of the company’s stock were exchanged. Cone Midstream Partners has a 52 week low of $16.03 and a 52 week high of $25.56. The stock has a market capitalization of $1.28 billion, a PE ratio of 12.40 and a beta of 1.61. The company’s 50-day moving average is $19.36 and its 200 day moving average is $21.69.
Cone Midstream Partners (NYSE:CNNX) last announced its earnings results on Thursday, May 4th. The pipeline company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.42 by $0.03. The company had revenue of $59 million for the quarter, compared to analysts’ expectations of $60.28 million. Cone Midstream Partners had a return on equity of 12.90% and a net margin of 43.13%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. On average, analysts forecast that Cone Midstream Partners will post $1.69 earnings per share for the current year.
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Several equities analysts recently issued reports on CNNX shares. Zacks Investment Research upgraded Cone Midstream Partners from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Tuesday, April 25th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $26.00 price target on shares of Cone Midstream Partners in a research report on Friday, March 31st. ValuEngine lowered Cone Midstream Partners from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Citigroup Inc. raised Cone Midstream Partners from a “neutral” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Monday, May 22nd. Finally, Morgan Stanley dropped their price target on Cone Midstream Partners from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Friday, July 14th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $23.00.
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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