Crestwood Equity Partners LP to Issue Quarterly Dividend of $0.60 (CEQP)

Crestwood Equity Partners LP (NYSE:CEQP) announced a quarterly dividend on Friday, July 20th, Wall Street Journal reports. Investors of record on Tuesday, August 7th will be paid a dividend of 0.60 per share by the pipeline company on Tuesday, August 14th. This represents a $2.40 annualized dividend and a yield of 6.32%. The ex-dividend date of this dividend is Monday, August 6th.

Crestwood Equity Partners has decreased its dividend by an average of 24.2% per year over the last three years. Crestwood Equity Partners has a payout ratio of 2,666.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Crestwood Equity Partners to earn $0.44 per share next year, which means the company may not be able to cover its $2.40 annual dividend with an expected future payout ratio of 545.5%.

Shares of Crestwood Equity Partners opened at $38.00 on Friday, according to Marketbeat. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.13 and a quick ratio of 0.96. The firm has a market capitalization of $2.70 billion, a P/E ratio of -32.76, a P/E/G ratio of 81.32 and a beta of 2.63. Crestwood Equity Partners has a 12-month low of $22.15 and a 12-month high of $39.05.

Crestwood Equity Partners (NYSE:CEQP) last announced its earnings results on Tuesday, July 31st. The pipeline company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.16). The business had revenue of $840.50 million for the quarter, compared to analyst estimates of $1.03 billion. Crestwood Equity Partners had a negative net margin of 4.14% and a negative return on equity of 1.09%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.28) earnings per share. analysts forecast that Crestwood Equity Partners will post 0.09 earnings per share for the current year.

Several brokerages have recently weighed in on CEQP. Bank of America raised their target price on Crestwood Equity Partners from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, August 1st. Stifel Nicolaus increased their price target on shares of Crestwood Equity Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, August 1st. SunTrust Banks set a $40.00 price target on shares of Crestwood Equity Partners and gave the stock a “buy” rating in a research report on Monday, July 23rd. Barclays raised their target price on shares of Crestwood Equity Partners from $31.00 to $34.00 and gave the stock a “hold” rating in a report on Tuesday, June 12th. Finally, Goldman Sachs Group cut shares of Crestwood Equity Partners from a “buy” rating to a “neutral” rating and cut their target price for the stock from $34.00 to $32.00 in a report on Tuesday, June 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $35.57.

In other Crestwood Equity Partners news, SVP Joel Christian Lambert sold 6,100 shares of the firm’s stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $33.30, for a total value of $203,130.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 36.20% of the stock is currently owned by company insiders.

About Crestwood Equity Partners

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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Dividend History for Crestwood Equity Partners (NYSE:CEQP)

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