CNX Midstream Partners LP (CNXM) Expected to Announce Quarterly Sales of $69.00 Million

Analysts forecast that CNX Midstream Partners LP (NYSE:CNXM) will announce $69.00 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for CNX Midstream Partners’ earnings, with estimates ranging from $61.40 million to $78.40 million. CNX Midstream Partners reported sales of $56.66 million in the same quarter last year, which indicates a positive year-over-year growth rate of 21.8%. The company is expected to announce its next earnings report on Thursday, November 1st.

According to Zacks, analysts expect that CNX Midstream Partners will report full-year sales of $274.97 million for the current fiscal year, with estimates ranging from $250.99 million to $302.20 million. For the next fiscal year, analysts anticipate that the business will report sales of $383.43 million per share, with estimates ranging from $311.00 million to $424.60 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for CNX Midstream Partners.

CNX Midstream Partners (NYSE:CNXM) last posted its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. CNX Midstream Partners had a net margin of 46.16% and a return on equity of 19.10%. The business had revenue of $61.00 million during the quarter, compared to analyst estimates of $64.10 million. CNX Midstream Partners’s revenue for the quarter was up 8.0% compared to the same quarter last year.

Several research analysts have recently commented on CNXM shares. ValuEngine lowered shares of CNX Midstream Partners from a “hold” rating to a “sell” rating in a report on Tuesday, May 22nd. Zacks Investment Research raised shares of CNX Midstream Partners from a “hold” rating to a “strong-buy” rating and set a $23.00 price target for the company in a report on Tuesday, July 10th. Finally, Morgan Stanley lifted their price target on shares of CNX Midstream Partners from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Friday, June 15th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. CNX Midstream Partners currently has a consensus rating of “Hold” and a consensus price target of $23.86.

In other CNX Midstream Partners news, major shareholder Nbl Midstream, Llc sold 7,475,000 shares of the business’s stock in a transaction dated Friday, June 29th. The shares were sold at an average price of $18.03, for a total transaction of $134,774,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

A number of institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP raised its position in shares of CNX Midstream Partners by 8.1% during the 2nd 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 raised its position in shares of CNX Midstream Partners by 35.4% during the 2nd quarter. Janney Montgomery Scott LLC now owns 15,400 shares of the pipeline company’s stock worth $299,000 after buying an additional 4,025 shares in the last quarter. Barclays PLC bought a new stake in shares of CNX Midstream Partners during the 1st quarter worth about $119,000. Stifel Financial Corp bought a new stake in shares of CNX Midstream Partners during the 1st quarter worth about $200,000. Finally, Cornerstone Wealth Management LLC bought a new stake in shares of CNX Midstream Partners during the 2nd quarter worth about $600,000. 21.47% of the stock is owned by hedge funds and other institutional investors.

NYSE CNXM opened at $20.67 on Friday. CNX Midstream Partners has a one year low of $15.25 and a one year high of $21.05. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $1.29 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 0.78 and a beta of 1.72.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 14th. Shareholders of record on Tuesday, August 7th will be paid a dividend of $0.3361 per share. This represents a $1.34 dividend on an annualized basis and a yield of 6.50%. This is a positive change from CNX Midstream Partners’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Monday, August 6th. CNX Midstream Partners’s payout ratio is presently 77.91%.

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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