Short Interest in CNX Midstream Partners LP (NYSE:CNXM) Rises By 32.5%

CNX Midstream Partners LP (NYSE:CNXM) saw a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,232,100 shares, a growth of 32.5% from the May 15th total of 930,000 shares. Based on an average daily trading volume, of 271,200 shares, the short-interest ratio is presently 4.5 days. Currently, 3.0% of the company’s stock are sold short.

CNXM traded up $0.10 during trading on Wednesday, hitting $13.83. 203,730 shares of the company’s stock traded hands, compared to its average volume of 303,455. The business’s 50 day moving average is $14.58. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.41 and a quick ratio of 0.41. CNX Midstream Partners has a 12-month low of $13.43 and a 12-month high of $20.95. The firm has a market cap of $884.57 million, a PE ratio of 7.32 and a beta of 1.21.

CNX Midstream Partners (NYSE:CNXM) last issued its earnings results on Tuesday, April 30th. The pipeline company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.03). CNX Midstream Partners had a net margin of 53.32% and a return on equity of 36.16%. The business had revenue of $72.22 million for the quarter, compared to analysts’ expectations of $68.55 million. During the same quarter in the prior year, the business posted $0.40 earnings per share. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, sell-side analysts anticipate that CNX Midstream Partners will post 1.94 earnings per share for the current fiscal year.

Several analysts recently weighed in on the company. ValuEngine downgraded CNX Midstream Partners from a “sell” rating to a “strong sell” rating in a research note on Friday, June 14th. Zacks Investment Research downgraded CNX Midstream Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, May 14th. TheStreet downgraded CNX Midstream Partners from a “b-” rating to a “c+” rating in a research note on Friday, June 14th. Wells Fargo & Co downgraded CNX Midstream Partners from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 19th. Finally, Robert W. Baird downgraded CNX Midstream Partners from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $25.00 to $18.00 in a research note on Thursday, March 7th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $20.80.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Tortoise Capital Advisors L.L.C. boosted its stake in CNX Midstream Partners by 1.0% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 5,048,973 shares of the pipeline company’s stock valued at $82,197,000 after purchasing an additional 48,973 shares during the last quarter. Clearbridge Investments LLC boosted its stake in CNX Midstream Partners by 18.3% during the 1st quarter. Clearbridge Investments LLC now owns 3,714,657 shares of the pipeline company’s stock valued at $56,500,000 after purchasing an additional 573,550 shares during the last quarter. Kayne Anderson Capital Advisors LP boosted its stake in CNX Midstream Partners by 7.5% during the 4th quarter. Kayne Anderson Capital Advisors LP now owns 3,057,700 shares of the pipeline company’s stock valued at $49,765,000 after purchasing an additional 214,300 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in CNX Midstream Partners by 4.0% during the 1st quarter. OppenheimerFunds Inc. now owns 2,625,321 shares of the pipeline company’s stock valued at $39,931,000 after purchasing an additional 100,000 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in CNX Midstream Partners by 8.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,931,205 shares of the pipeline company’s stock valued at $29,374,000 after purchasing an additional 146,246 shares during the last quarter. Institutional investors and hedge funds own 49.54% of the company’s stock.

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. The company operates through two segments, Anchor Systems and Additional Systems. As of December 31, 2018, the company operated 14 compression and dehydration facilities.

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