Crestwood Equity Partners (NYSE:CEQP) PT Raised to $42.00 at Bank of America

Crestwood Equity Partners (NYSE:CEQP) had its target price upped by Bank of America from $40.00 to $42.00 in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the pipeline company’s stock.

Several other research analysts also recently issued reports on CEQP. TheStreet upgraded shares of Crestwood Equity Partners from a c+ rating to a b rating in a report on Thursday, April 25th. ValuEngine downgraded shares of Crestwood Equity Partners from a buy rating to a hold rating in a report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Crestwood Equity Partners currently has an average rating of Buy and an average target price of $41.50.

Shares of NYSE:CEQP opened at $36.59 on Tuesday. The business’s fifty day moving average is $36.02. The firm has a market capitalization of $2.69 billion, a P/E ratio of 170.41, a PEG ratio of 14.85 and a beta of 1.94. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 1.31. Crestwood Equity Partners has a 52-week low of $26.55 and a 52-week high of $40.55.

Crestwood Equity Partners (NYSE:CEQP) last announced its quarterly earnings results on Tuesday, July 30th. The pipeline company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.05. The company had revenue of $683.40 million during the quarter, compared to the consensus estimate of $749.75 million. Crestwood Equity Partners had a net margin of 7.95% and a return on equity of 3.28%. The company’s revenue for the quarter was down 18.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.57) earnings per share. Sell-side analysts expect that Crestwood Equity Partners will post 0.61 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $2.40 annualized dividend and a dividend yield of 6.56%. Crestwood Equity Partners’s dividend payout ratio (DPR) is presently 1,142.86%.

In other news, SVP Joel Christian Lambert sold 30,000 shares of the company’s stock in a transaction 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 can be accessed through the SEC website. 36.20% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Squar Milner Financial Services LLC acquired a new stake in Crestwood Equity Partners in the second quarter valued at $33,000. SG Americas Securities LLC increased its holdings in Crestwood Equity Partners by 3.5% in the first quarter. SG Americas Securities LLC now owns 28,476 shares of the pipeline company’s stock valued at $1,002,000 after purchasing an additional 966 shares during the period. Sound Income Strategies LLC acquired a new stake in Crestwood Equity Partners in the first quarter valued at $35,000. Icon Wealth Partners LLC acquired a new stake in Crestwood Equity Partners in the first quarter valued at $38,000. Finally, First Trust Advisors LP increased its holdings in Crestwood Equity Partners by 1.0% in the first quarter. First Trust Advisors LP now owns 129,019 shares of the pipeline company’s stock valued at $4,540,000 after purchasing an additional 1,241 shares during the period. Institutional investors and hedge funds own 72.84% of the company’s stock.

Crestwood Equity Partners Company Profile

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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Analyst Recommendations for Crestwood Equity Partners (NYSE:CEQP)

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