Crestwood Equity Partners Downgraded by Barclays to Underweight (CEQP)
Crestwood Equity Partners (NYSE:CEQP) was downgraded by stock analysts at Barclays from an “equal weight” rating to an “underweight” rating in a report issued on Wednesday. They currently have a $11.00 price objective on the stock, down from their previous price objective of $13.00. Barclays’ price objective points to a potential downside of 12.91% from the stock’s previous close.
In other Crestwood Equity Partners news, Director John J. Sherman unloaded 28,600 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $15.12, for a total transaction of $432,432.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Several other analysts have also recently commented on the stock. Analysts at Wells Fargo & Co. downgraded shares of Crestwood Equity Partners from an “outperform” rating to a “market perform” rating in a research note on Monday. Separately, analysts at Raymond James cut their price target on shares of Crestwood Equity Partners from $15.00 to $14.00 in a research note on Friday, August 8th. They now have an “outperform” rating on the stock. Finally, analysts at RBC Capital reiterated a “sector perform” rating on shares of Crestwood Equity Partners in a research note on Thursday, August 7th. They now have a $14.00 price target on the stock, down previously from $15.00. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Crestwood Equity Partners has a consensus rating of “Hold” and an average price target of $13.00.
Shares of Crestwood Equity Partners (NYSE:CEQP) opened at 12.63 on Wednesday. Crestwood Equity Partners has a 52-week low of $11.83 and a 52-week high of $15.78. The stock has a 50-day moving average of $14.56 and a 200-day moving average of $13.90. The company has a market cap of $2.354 billion and a price-to-earnings ratio of 154.02.
Crestwood Equity Partners (NYSE:CEQP) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.02) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.10 by $0.12. The company had revenue of $923.30 million for the quarter, compared to the consensus estimate of $941.96 million. The company’s quarterly revenue was up 679.1% on a year-over-year basis. On average, analysts predict that Crestwood Equity Partners will post $0.43 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Stockholders of record on Thursday, August 7th will be paid a dividend of $0.1375 per share. This represents a $0.55 annualized dividend and a dividend yield of 4.35%. The ex-dividend date is Tuesday, August 5th.
Crestwood Equity Partners LP is a master limited partnership that owns the general partner interest (NYSE:CEQP) and an approximate 4% limited partner interest of Crestwood Midstream.
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