Crestwood Equity Partners LP (NYSE:CEQP) saw unusually-high trading volume on Friday . Approximately 740,600 shares changed hands during mid-day trading, an increase of 174% from the previous session’s volume of 270,190 shares.The stock last traded at $37.88 and had previously closed at $36.99.
CEQP has been the subject of a number of research reports. Royal Bank of Canada upgraded Crestwood Equity Partners from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $40.00 to $44.00 in a report on Friday, August 23rd. Stifel Nicolaus upgraded Crestwood Equity Partners from a “hold” rating to a “buy” rating and boosted their price target for the company from $37.00 to $46.00 in a report on Wednesday, July 31st. Finally, Bank of America boosted their price target on Crestwood Equity Partners from $40.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $41.86.
The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.79 and a current ratio of 0.90. The stock’s 50 day simple moving average is $35.45 and its two-hundred day simple moving average is $35.39. The firm has a market capitalization of $2.66 billion, a PE ratio of 180.38, a price-to-earnings-growth ratio of 4.55 and a beta of 2.00.
Crestwood Equity Partners (NYSE:CEQP) last released its earnings results on Tuesday, July 30th. The pipeline company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.05. Crestwood Equity Partners had a net margin of 7.95% and a return on equity of 3.08%. The business had revenue of $683.40 million for the quarter, compared to analyst estimates of $749.75 million. During the same period last year, the company posted ($0.57) EPS. The business’s revenue was down 18.7% on a year-over-year basis. Equities research analysts expect that Crestwood Equity Partners LP will post 1.63 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 6.34%. Crestwood Equity Partners’s dividend payout ratio is currently 1,142.86%.
In other news, SVP Joel Christian Lambert sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $37.37, for a total transaction of $1,121,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 36.20% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Squar Milner Financial Services LLC bought a new stake in Crestwood Equity Partners during the second quarter worth $33,000. Icon Wealth Partners LLC purchased a new position in shares of Crestwood Equity Partners during the 1st quarter valued at about $38,000. Mascoma Wealth Management LLC purchased a new position in shares of Crestwood Equity Partners during the 2nd quarter valued at about $55,000. Bridgecreek Investment Management LLC purchased a new position in shares of Crestwood Equity Partners during the 1st quarter valued at about $202,000. Finally, Toroso Investments LLC purchased a new position in shares of Crestwood Equity Partners during the 2nd quarter valued at about $214,000. Hedge funds and other institutional investors own 74.94% of the company’s stock.
Crestwood Equity Partners Company Profile (NYSE:CEQP)
Crestwood Equity Partners LP provides infrastructure solutions to liquids-rich natural gas and crude oil shale plays in the United States. It operates through three segments: Gathering and Processing (G&P); Storage and Transportation (S&T); and Marketing, Supply and Logistics (MS&L). The G&P segment offers gathering and transportation services for natural gas, crude oil, and produced water; and processing, treating, and compression services.
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