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.
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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