Penntex Midstream Partners LP (PTXP) Downgraded to “Neutral” at Citigroup Inc
Penntex Midstream Partners LP (NASDAQ:PTXP) was downgraded by equities research analysts at Citigroup Inc from a “buy” rating to a “neutral” rating in a report issued on Monday.
Several other research firms also recently weighed in on PTXP. Stifel Nicolaus reissued a “hold” rating and issued a $16.00 target price (up from $15.00) on shares of Penntex Midstream Partners in a research report on Wednesday, May 10th. Zacks Investment Research raised shares of Penntex Midstream Partners from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research report on Thursday, April 6th. Robert W. Baird dropped their target price on shares of Penntex Midstream Partners from $23.00 to $19.00 and set an “outperform” rating on the stock 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, Royal Bank of Canada downgraded shares of Penntex Midstream Partners from an “outperform” rating to a “sector perform” rating and lifted their target price for the stock from $19.00 to $20.00 in a research report on Friday. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Penntex Midstream Partners currently has an average rating of “Hold” and an average target price of $18.33.
Penntex Midstream Partners (NASDAQ:PTXP) opened at 19.88 on Monday. The stock has a 50 day moving average price of $16.90 and a 200-day moving average price of $16.13. Penntex Midstream Partners has a 1-year low of $14.24 and a 1-year high of $19.90. The company has a market cap of $809.39 million, a price-to-earnings ratio of 77.05 and a beta of 0.94.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 12th. Investors of record on Friday, May 5th were given a dividend of $0.295 per share. The ex-dividend date of this dividend was Wednesday, May 3rd. This is an increase from Penntex Midstream Partners’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 5.94%. Penntex Midstream Partners’s payout ratio is presently 513.07%.
In related news, Director Energy Transfer Partners, L.P. acquired 400,000 shares of the stock in a transaction that occurred on Wednesday, March 8th. The shares were purchased at an average cost of $16.10 per share, with a total value of $6,440,000.00. Following the completion of the transaction, 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 is available at this link.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC acquired a new stake in Penntex Midstream Partners during the first quarter valued at approximately $218,000. Quinn Opportunity Partners LLC increased its stake in 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 stake in Penntex Midstream Partners during the fourth quarter valued at approximately $632,000. Chevy Chase Trust Holdings Inc. acquired a new stake in Penntex Midstream Partners during the first quarter valued at approximately $632,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Penntex Midstream Partners during the first quarter valued at approximately $1,643,000. 80.06% of the stock is currently owned by hedge funds and other institutional investors.
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.
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