CNX Midstream Partners (CNXM) Upgraded to Hold at ValuEngine

ValuEngine upgraded shares of CNX Midstream Partners (NYSE:CNXM) from a sell rating to a hold rating in a research note published on Friday morning.

CNXM has been the subject of a number of other research reports. Morgan Stanley raised their price objective on CNX Midstream Partners from $23.00 to $24.00 and gave the company an equal weight rating in a research report on Friday, June 15th. Zacks Investment Research lowered CNX Midstream Partners from a strong-buy rating to a hold rating in a research report on Wednesday, August 8th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $23.86.

Shares of CNX Midstream Partners stock opened at $20.40 on Friday. The stock has a market cap of $1.32 billion, a PE ratio of 11.86, a PEG ratio of 0.80 and a beta of 1.72. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.08. CNX Midstream Partners has a twelve month low of $15.25 and a twelve month high of $21.05.

CNX Midstream Partners (NYSE:CNXM) last issued its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. The firm had revenue of $61.00 million during the quarter, compared to analyst estimates of $64.10 million. CNX Midstream Partners had a return on equity of 19.10% and a net margin of 46.16%. The business’s revenue was up 8.0% on a year-over-year basis. analysts anticipate that CNX Midstream Partners will post 1.78 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 14th. Investors of record on Tuesday, August 7th will be issued a $0.3361 dividend. This is an increase from CNX Midstream Partners’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Monday, August 6th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 6.59%. CNX Midstream Partners’s dividend payout ratio (DPR) is presently 77.91%.

In related news, major shareholder Nbl Midstream, Llc sold 7,475,000 shares of the stock in a transaction dated Friday, June 29th. The shares were sold at an average price of $18.03, for a total value of $134,774,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Several large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its holdings in shares of CNX Midstream Partners by 112.7% in the 2nd quarter. Renaissance Technologies LLC now owns 170,800 shares of the pipeline company’s stock valued at $3,312,000 after acquiring an additional 90,500 shares during the last quarter. EJF Capital LLC lifted its holdings in shares of CNX Midstream Partners by 40.0% in the 2nd quarter. EJF Capital LLC now owns 35,000 shares of the pipeline company’s stock valued at $679,000 after acquiring an additional 10,000 shares during the last quarter. HITE Hedge Asset Management LLC lifted its holdings in shares of CNX Midstream Partners by 1,236.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 1,111,073 shares of the pipeline company’s stock valued at $21,544,000 after acquiring an additional 1,027,918 shares during the last quarter. FMR LLC lifted its holdings in shares of CNX Midstream Partners by 42.8% in the 2nd quarter. FMR LLC now owns 56,400 shares of the pipeline company’s stock valued at $1,094,000 after acquiring an additional 16,900 shares during the last quarter. Finally, Water Island Capital LLC bought a new position in shares of CNX Midstream Partners in the 2nd quarter valued at about $727,000. 19.83% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for CNX Midstream Partners (NYSE:CNXM)

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