CNX Midstream Partners LP (NYSE:CNXM) – Research analysts at Mitsubishi UFJ Financial Group increased their FY2018 EPS estimates for CNX Midstream Partners in a note issued to investors on Tuesday, October 30th. Mitsubishi UFJ Financial Group analyst B. Blaschke now anticipates that the pipeline company will earn $1.76 per share for the year, up from their prior forecast of $1.73. Mitsubishi UFJ Financial Group has a “Overweight” rating and a $24.00 price target on the stock. Mitsubishi UFJ Financial Group also issued estimates for CNX Midstream Partners’ Q4 2018 earnings at $0.46 EPS, Q1 2019 earnings at $0.55 EPS, Q3 2019 earnings at $0.69 EPS, Q4 2019 earnings at $0.70 EPS and FY2019 earnings at $2.58 EPS.
CNX Midstream Partners (NYSE:CNXM) last released its quarterly earnings data on Tuesday, October 30th. The pipeline company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.43 by $0.04. The business had revenue of $60.97 million for the quarter, compared to the consensus estimate of $64.72 million. CNX Midstream Partners had a net margin of 47.87% and a return on equity of 21.98%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 EPS.
CNXM stock opened at $18.25 on Thursday. The firm has a market capitalization of $1.16 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 0.74 and a beta of 1.70. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.08. CNX Midstream Partners has a 12 month low of $15.95 and a 12 month high of $21.05.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP boosted its holdings in CNX Midstream Partners by 8.1% during the second quarter. GSA Capital Partners LLP now owns 46,791 shares of the pipeline company’s stock worth $907,000 after buying an additional 3,506 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in CNX Midstream Partners by 35.4% during the second quarter. Janney Montgomery Scott LLC now owns 15,400 shares of the pipeline company’s stock valued at $299,000 after purchasing an additional 4,025 shares in the last quarter. Barclays PLC purchased a new position in CNX Midstream Partners during the first quarter valued at $119,000. EJF Capital LLC lifted its holdings in CNX Midstream Partners by 40.0% during the second quarter. EJF Capital LLC now owns 35,000 shares of the pipeline company’s stock valued at $679,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Stifel Financial Corp purchased a new position in CNX Midstream Partners during the first quarter valued at $200,000. 29.99% of the stock is currently owned by hedge funds and other institutional investors.
In related news, major shareholder Nbl Midstream, Llc sold 14,217,198 shares of the stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $17.75, for a total transaction of $252,355,264.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 13th. Investors of record on Monday, November 5th will be issued a dividend of $0.3479 per share. The ex-dividend date is Friday, November 2nd. This is an increase from CNX Midstream Partners’s previous quarterly dividend of $0.34. This represents a $1.39 dividend on an annualized basis and a yield of 7.63%. CNX Midstream Partners’s dividend payout ratio is 77.91%.
About CNX Midstream Partners
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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