Cone Midstream Partners LP (NYSE:CNNX) Given Average Recommendation of “Buy” by Brokerages
Cone Midstream Partners LP (NYSE:CNNX) has been given an average rating of “Buy” by the thirteen research firms that are presently covering the stock. Seven equities research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $19.50.
Several research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Cone Midstream Partners from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 13th. TheStreet upgraded shares of Cone Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, August 4th. Stifel Nicolaus assumed coverage on shares of Cone Midstream Partners in a research note on Wednesday, July 13th. They issued a “buy” rating and a $21.00 price objective on the stock. Citigroup Inc. upped their price objective on shares of Cone Midstream Partners from $15.00 to $18.50 and gave the company a “neutral” rating in a research note on Monday, August 8th. Finally, Credit Suisse Group AG lowered shares of Cone Midstream Partners from an “outperform” rating to a “neutral” rating and upped their price objective for the company from $21.00 to $22.00 in a research note on Tuesday, September 13th.
Cone Midstream Partners (NYSE:CNNX) traded down 0.8319% during midday trading on Friday, reaching $19.3477. 79,660 shares of the company traded hands. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 12.7792 and a beta of 1.86. The firm has a 50 day moving average of $18.44 and a 200-day moving average of $16.32. Cone Midstream Partners has a 12 month low of $7.55 and a 12 month high of $19.86.
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Cone Midstream Partners (NYSE:CNNX) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.04. Cone Midstream Partners had a net margin of 38.65% and a return on equity of 11.21%. The business had revenue of $58.40 million for the quarter, compared to analyst estimates of $60.61 million. During the same quarter in the previous year, the business earned $0.25 earnings per share. The firm’s revenue was up 22.4% compared to the same quarter last year. Analysts forecast that Cone Midstream Partners will post $1.55 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in Cone Midstream Partners by 70.7% in the second quarter. JPMorgan Chase & Co. now owns 8,876 shares of the company’s stock valued at $154,000 after buying an additional 3,676 shares in the last quarter. Royal Bank of Canada increased its stake in Cone Midstream Partners by 119.1% in the second quarter. Royal Bank of Canada now owns 9,640 shares of the company’s stock valued at $167,000 after buying an additional 5,240 shares in the last quarter. Linscomb & Williams Inc. increased its stake in Cone Midstream Partners by 3.7% in the second quarter. Linscomb & Williams Inc. now owns 14,957 shares of the company’s stock valued at $259,000 after buying an additional 527 shares in the last quarter. Catawba Capital Management VA purchased a new stake in Cone Midstream Partners during the third quarter valued at about $275,000. Finally, Creative Planning increased its stake in Cone Midstream Partners by 47.5% in the second quarter. Creative Planning now owns 16,957 shares of the company’s stock valued at $294,000 after buying an additional 5,462 shares in the last quarter. 43.47% of the stock is owned by institutional investors and hedge funds.
Cone Midstream Partners Company Profile
CONE Midstream Partners LP is a master limited partnership formed between CONSOL Energy Inc (CONSOL) and Noble Energy, Inc (Noble Energy). The Company owns, operates, develops and acquires natural gas gathering and other midstream energy assets to service CONSOL’s and Noble Energy’s production in the Marcellus Shale in Pennsylvania and West Virginia.
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