Penntex Midstream Partners LP (NASDAQ:PTXP) was downgraded by equities researchers at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report released 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. Royal Bank of Canada’s price target points to a potential upside of 0.60% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Penntex Midstream Partners from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 1st. Robert W. Baird decreased their price objective on shares of Penntex Midstream Partners from $23.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, April 17th. TheStreet downgraded shares of Penntex Midstream Partners from a “c-” rating to a “d+” rating in a research report on Thursday, February 23rd. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Penntex Midstream Partners in a research report on Wednesday, May 10th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $18.33.

Analyst Recommendations for Penntex Midstream Partners (NASDAQ:PTXP)

Penntex Midstream Partners (NASDAQ:PTXP) traded up 19.40% on Friday, reaching $19.88. 8,475,123 shares of the company’s stock were exchanged. The firm has a market cap of $809.39 million, a PE ratio of 77.05 and a beta of 0.94. Penntex Midstream Partners has a 12 month low of $14.24 and a 12 month high of $19.90. The firm’s 50-day moving average is $16.90 and its 200-day moving average is $16.13.

The business also recently announced a quarterly dividend, which was paid on Friday, May 12th. Investors of record on Friday, May 5th were issued a dividend of $0.295 per share. This is an increase from Penntex Midstream Partners’s previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, May 3rd. This represents a $1.18 annualized dividend and a dividend yield of 5.94%. Penntex Midstream Partners’s payout ratio is presently 513.07%.

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In related news, Director Energy Transfer Partners, L.P. bought 400,000 shares of Penntex Midstream Partners stock in a transaction that occurred on Wednesday, March 8th. The stock was acquired at an average price of $16.10 per share, with a total value of $6,440,000.00. Following the acquisition, the director now owns 3,439,577 shares of the company’s stock, valued at approximately $55,377,189.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Several hedge funds have recently made changes to their positions in the company. Whetstone Capital Advisors LLC increased its stake in shares of Penntex Midstream Partners by 5.3% in the fourth quarter. Whetstone Capital Advisors LLC now owns 1,254,305 shares of the pipeline company’s stock valued at $18,802,000 after buying an additional 62,775 shares during the last quarter. HITE Hedge Asset Management LLC increased its stake in shares of Penntex Midstream Partners by 0.4% in the fourth quarter. HITE Hedge Asset Management LLC now owns 1,094,430 shares of the pipeline company’s stock valued at $16,406,000 after buying an additional 4,500 shares during the last quarter. UBS Group AG increased its stake in shares of Penntex Midstream Partners by 26.7% in the first quarter. UBS Group AG now owns 968,796 shares of the pipeline company’s stock valued at $16,702,000 after buying an additional 204,198 shares during the last quarter. TPH Asset Management LLC bought a new stake in shares of Penntex Midstream Partners during the first quarter valued at approximately $5,793,000. Finally, Renaissance Technologies LLC increased its stake in shares of Penntex Midstream Partners by 150.4% in the first quarter. Renaissance Technologies LLC now owns 105,583 shares of the pipeline company’s stock valued at $1,820,000 after buying an additional 63,422 shares during the last quarter. 80.06% of the stock is owned by institutional investors and hedge funds.

About Penntex Midstream Partners

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.

12 Month Chart for NASDAQ:PTXP

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