CNX Midstream Partners (NYSE:CNXM) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of CNX Midstream Partners (NYSE:CNXM) from a sell rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “CNX Midstream Partners LP is a master limited partnership which owns, operates and develops natural gas gathering and other midstream energy assets primarily in the Marcellus Shale in Pennsylvania and West Virginia. CNX Midstream Partners LP, formerly known as CONE Midstream Partners LP, is based in Canonsburg, PA. “

Several other research analysts have also recently issued reports on the stock. ValuEngine cut shares of CNX Midstream Partners from a sell rating to a strong sell rating in a report on Friday, June 14th. TheStreet cut shares of CNX Midstream Partners from a b- rating to a c+ rating in a report on Friday, June 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $20.80.

Shares of CNX Midstream Partners stock traded down $0.05 during trading on Wednesday, hitting $15.38. 499,101 shares of the company’s stock were exchanged, compared to its average volume of 297,343. The company has a quick ratio of 0.41, a current ratio of 0.39 and a debt-to-equity ratio of 1.42. The firm’s 50-day simple moving average is $14.30. CNX Midstream Partners has a 52-week low of $13.43 and a 52-week high of $20.95. The company has a market cap of $983.44 million, a PE ratio of 8.14 and a beta of 1.11.

CNX Midstream Partners (NYSE:CNXM) last issued its earnings results on Tuesday, July 30th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.14. CNX Midstream Partners had a net margin of 56.02% and a return on equity of 39.15%. The firm had revenue of $78.10 million during the quarter, compared to analysts’ expectations of $71.60 million. During the same quarter last year, the company posted $0.43 earnings per share. The firm’s revenue was up 28.0% compared to the same quarter last year. Sell-side analysts forecast that CNX Midstream Partners will post 2 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th will be issued a $0.387 dividend. This is a boost from CNX Midstream Partners’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.55 dividend on an annualized basis and a yield of 10.07%. CNX Midstream Partners’s payout ratio is presently 78.84%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNXM. Eagle Global Advisors LLC increased its holdings in CNX Midstream Partners by 218.0% in the first quarter. Eagle Global Advisors LLC now owns 1,022,330 shares of the pipeline company’s stock valued at $15,550,000 after buying an additional 700,872 shares in the last quarter. Clearbridge Investments LLC increased its holdings in CNX Midstream Partners by 18.3% in the first quarter. Clearbridge Investments LLC now owns 3,714,657 shares of the pipeline company’s stock valued at $56,500,000 after buying an additional 573,550 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in CNX Midstream Partners by 51.4% in the first quarter. CIBC Private Wealth Group LLC now owns 1,228,938 shares of the pipeline company’s stock valued at $18,692,000 after buying an additional 417,349 shares in the last quarter. First Trust Advisors LP increased its holdings in CNX Midstream Partners by 512.3% in the first quarter. First Trust Advisors LP now owns 342,057 shares of the pipeline company’s stock valued at $5,203,000 after buying an additional 286,197 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in CNX Midstream Partners by 8.2% in the first quarter. JPMorgan Chase & Co. now owns 1,931,205 shares of the pipeline company’s stock valued at $29,374,000 after buying an additional 146,246 shares in the last quarter. 49.29% of the stock is owned by institutional investors.

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. The company operates through two segments, Anchor Systems and Additional Systems. As of December 31, 2018, the company operated 14 compression and dehydration facilities.

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