Zacks Investment Research Lowers American Midstream Partners LP (AMID) to Sell
American Midstream Partners LP (NYSE:AMID) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “American Midstream Partners, LP owns, operates, develops and acquire a diversified portfolio of natural gas midstream energy assets. The Company is engaged in the business of gathering, treating, processing and transporting natural gas through its ownership and operation of gathering systems, processing facilities and pipelines. Its primary assets, which are located in Alabama, Louisiana, Mississippi, Tennessee and Texas, provide infrastructure that links producers and suppliers of natural gas to diverse natural gas markets, including various pipelines, as well as utility, industrial and other commercial customers. American Midstream Partners, LP is based in Denver, Colorado. “
A number of other brokerages have also recently weighed in on AMID. RBC Capital Markets initiated coverage on shares of American Midstream Partners in a report on Friday, August 19th. They set an “outperform” rating and a $16.00 target price for the company. Royal Bank Of Canada initiated coverage on shares of American Midstream Partners in a report on Friday, August 19th. They set an “outperform” rating and a $16.00 target price for the company. Finally, Ladenburg Thalmann upgraded shares of American Midstream Partners from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a report on Thursday, July 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. American Midstream Partners presently has an average rating of “Hold” and an average price target of $10.14.
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American Midstream Partners (NYSE:AMID) traded down 1.96% during mid-day trading on Tuesday, hitting $14.54. The stock had a trading volume of 236,934 shares. The stock’s market cap is $462.50 million. The firm’s 50-day moving average is $13.93 and its 200 day moving average is $11.79. American Midstream Partners has a one year low of $3.80 and a one year high of $15.19.
American Midstream Partners (NYSE:AMID) last issued its earnings results on Monday, August 8th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by $0.59. The business had revenue of $55.40 million for the quarter, compared to the consensus estimate of $63.92 million. American Midstream Partners had a positive return on equity of 8.15% and a negative net margin of 65.51%. Equities research analysts expect that American Midstream Partners will post $0.62 EPS for the current year.
In other American Midstream Partners news, major shareholder Spectrum Securities Cor Energy sold 927,718 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $12.10, for a total value of $11,225,387.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.40% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Advisory Research Inc. increased its stake in American Midstream Partners by 5.8% in the second quarter. Advisory Research Inc. now owns 465,968 shares of the company’s stock worth $5,512,000 after buying an additional 25,395 shares during the last quarter. Guggenheim Capital LLC acquired a new position in American Midstream Partners during the second quarter worth $243,000. Mariner Wealth Advisors LLC increased its position in American Midstream Partners by 32.4% in the second quarter. Mariner Wealth Advisors LLC now owns 22,576 shares of the company’s stock worth $267,000 after buying an additional 5,526 shares in the last quarter. Burnham Asset Management Corp NY acquired a new position in American Midstream Partners during the second quarter worth $582,000. Finally, Citigroup Inc. increased its position in American Midstream Partners by 8.0% in the second quarter. Citigroup Inc. now owns 24,700 shares of the company’s stock worth $292,000 after buying an additional 1,835 shares in the last quarter. Institutional investors own 28.07% of the company’s stock.
About American Midstream Partners
American Midstream Partners, LP owns, operates, develops and acquires a portfolio of midstream energy assets. The Company is engaged in the business of gathering, treating, processing and transporting natural gas; gathering, transporting, storing, treating and fractionating natural gas liquids (NGLs); gathering, storing and transporting crude oil and condensates, and storing specialty chemical products.
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