Crestwood Equity Partners (NYSE:CEQP) Announces Quarterly Earnings Results

Crestwood Equity Partners (NYSE:CEQP) announced its quarterly earnings data on Tuesday. The pipeline company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05, Morningstar.com reports. The company had revenue of $683.40 million for the quarter, compared to analysts’ expectations of $749.75 million. Crestwood Equity Partners had a net margin of 0.47% and a return on equity of 2.79%. Crestwood Equity Partners’s revenue was down 18.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.57) EPS.

CEQP traded down $0.49 during trading hours on Friday, hitting $36.62. 2,505 shares of the stock were exchanged, compared to its average volume of 230,341. The stock has a 50-day simple moving average of $36.00. Crestwood Equity Partners has a 12 month low of $26.55 and a 12 month high of $40.55. The firm has a market capitalization of $2.63 billion, a PE ratio of 173.86, a price-to-earnings-growth ratio of 14.49 and a beta of 1.93. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.80 and a current ratio of 0.92.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 6.55%. The ex-dividend date is Tuesday, August 6th. Crestwood Equity Partners’s dividend payout ratio (DPR) is presently 1,142.86%.

A number of institutional investors and hedge funds have recently made changes to their positions in CEQP. Envestnet Asset Management Inc. boosted its stake in Crestwood Equity Partners by 25.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 15,336 shares of the pipeline company’s stock valued at $549,000 after buying an additional 3,075 shares in the last quarter. Sigma Planning Corp acquired a new position in shares of Crestwood Equity Partners during the second quarter worth about $508,000. BNP Paribas Arbitrage SA acquired a new position in shares of Crestwood Equity Partners during the second quarter worth about $431,000. Kayne Anderson Capital Advisors LP boosted its position in shares of Crestwood Equity Partners by 20.8% during the second quarter. Kayne Anderson Capital Advisors LP now owns 2,039,832 shares of the pipeline company’s stock worth $72,958,000 after buying an additional 351,200 shares during the period. Finally, Mascoma Wealth Management LLC acquired a new position in shares of Crestwood Equity Partners during the second quarter worth about $55,000. Hedge funds and other institutional investors own 72.84% of the company’s stock.

Several equities research analysts have commented on the stock. Bank of America boosted their target price on shares of Crestwood Equity Partners from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday. TheStreet upgraded Crestwood Equity Partners from a “c+” rating to a “b” rating in a research note on Thursday, April 25th. Stifel Nicolaus upgraded Crestwood Equity Partners from a “hold” rating to a “buy” rating and raised their price objective for the stock from $37.00 to $46.00 in a research note on Wednesday. Finally, ValuEngine cut Crestwood Equity Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $41.50.

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.

Featured Story: Are Wall Street analysts’ stock ratings worth following?

Earnings History for Crestwood Equity Partners (NYSE:CEQP)

Receive News & Ratings for Crestwood Equity Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Crestwood Equity Partners and related companies with MarketBeat.com's FREE daily email newsletter.