Penntex Midstream Partners LP (PTXP) Downgraded by Robert W. Baird
Penntex Midstream Partners LP (NASDAQ:PTXP) was downgraded by Robert W. Baird from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday. They currently have a $20.00 price target on the pipeline company’s stock, up from their prior price target of $19.00. Robert W. Baird’s target price suggests a potential upside of 0.60% from the stock’s current price.
Other analysts have also recently issued reports about the company. Royal Bank of Canada cut Penntex Midstream Partners from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $19.00 to $20.00 in a research note on Friday. Zacks Investment Research raised Penntex Midstream Partners from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Thursday, April 6th. Stifel Nicolaus reissued a “hold” rating and set a $16.00 target price (up from $15.00) on shares of Penntex Midstream Partners in a research note on Wednesday, May 10th. Finally, TheStreet cut Penntex Midstream Partners from a “c-” rating to a “d+” rating in a research note on Thursday, February 23rd. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $18.33.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 12th. Stockholders of record on Friday, May 5th were paid a dividend of $0.295 per share. This is a boost from Penntex Midstream Partners’s previous quarterly dividend of $0.28. This represents a $1.18 annualized dividend and a dividend yield of 5.94%. The ex-dividend date of this dividend was Wednesday, May 3rd. Penntex Midstream Partners’s dividend payout ratio (DPR) is currently 513.07%.
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In other Penntex Midstream Partners news, Director Energy Transfer Partners, L.P. purchased 400,000 shares of the firm’s stock in a transaction dated Wednesday, March 8th. The stock was bought at an average cost of $16.10 per share, with a total value of $6,440,000.00. Following the purchase, the director now directly owns 3,439,577 shares of the company’s stock, valued at $55,377,189.70. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.
Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC acquired a new position in shares of Penntex Midstream Partners during the first quarter valued at $218,000. Quinn Opportunity Partners LLC boosted its position in shares of Penntex Midstream Partners by 96.4% in the fourth quarter. Quinn Opportunity Partners LLC now owns 24,450 shares of the pipeline company’s stock valued at $367,000 after buying an additional 12,000 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Penntex Midstream Partners during the fourth quarter valued at $632,000. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Penntex Midstream Partners during the first quarter valued at $632,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Penntex Midstream Partners during the first quarter valued at $1,643,000. 80.06% of the stock is owned by institutional investors.
Penntex Midstream Partners Company Profile
PennTex Midstream Partners, LP, focuses on owning, operating, acquiring and developing midstream energy infrastructure assets in North America. The Company owns and operates midstream gathering, processing and transportation assets in northern Louisiana. The Company provides natural gas gathering and processing and residue gas and natural gas liquid (NGL) transportation services to producers focused on the Cotton Valley formation in northern Louisiana.
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