Zacks: Brokerages Expect Cone Midstream Partners LP (NYSE:CNNX) Will Announce Quarterly Sales of $61.66 Million
Wall Street analysts expect that Cone Midstream Partners LP (NYSE:CNNX) will announce sales of $61.66 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Cone Midstream Partners’ earnings, with estimates ranging from $58.68 million to $66.90 million. Cone Midstream Partners posted sales of $58.41 million in the same quarter last year, which suggests a positive year over year growth rate of 5.6%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Thursday, August 3rd.
According to Zacks, analysts expect that Cone Midstream Partners will report full year sales of $61.66 million for the current financial year, with estimates ranging from $235.22 million to $284.80 million. For the next fiscal year, analysts expect that the firm will post sales of $299.37 million per share, with estimates ranging from $255.99 million to $370.10 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Cone Midstream Partners.
Cone Midstream Partners (NYSE:CNNX) last posted its quarterly earnings results on Thursday, May 4th. The pipeline company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.42 by $0.03. Cone Midstream Partners had a return on equity of 12.90% and a net margin of 43.13%. The business had revenue of $59 million for the quarter, compared to analyst estimates of $60.28 million. During the same quarter in the previous year, the firm earned $0.42 EPS. The company’s quarterly revenue was down 5.1% compared to the same quarter last year.
Several analysts have recently issued reports on CNNX shares. Johnson Rice started coverage on Cone Midstream Partners in a research report on Thursday, March 23rd. They issued an “accumulate” rating on the stock. Royal Bank Of Canada restated a “buy” rating and issued a $26.00 price objective on shares of Cone Midstream Partners in a research report on Friday, March 31st. Zacks Investment Research upgraded Cone Midstream Partners from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Tuesday, April 25th. ValuEngine downgraded Cone Midstream Partners from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Citigroup Inc. upgraded Cone Midstream Partners from a “neutral” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Monday, May 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Cone Midstream Partners has an average rating of “Hold” and an average price target of $23.14.
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Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position in Cone Midstream Partners by 9.4% in the fourth quarter. Renaissance Technologies LLC now owns 155,413 shares of the pipeline company’s stock worth $3,660,000 after buying an additional 13,313 shares during the period. Guggenheim Capital LLC increased its position in Cone Midstream Partners by 36.4% in the fourth quarter. Guggenheim Capital LLC now owns 59,763 shares of the pipeline company’s stock worth $1,407,000 after buying an additional 15,937 shares during the period. Brookfield Asset Management Inc. purchased a new position in Cone Midstream Partners during the fourth quarter worth approximately $3,872,000. Catawba Capital Management VA increased its position in Cone Midstream Partners by 28.5% in the first quarter. Catawba Capital Management VA now owns 27,840 shares of the pipeline company’s stock worth $657,000 after buying an additional 6,180 shares during the period. Finally, Creative Planning increased its position in Cone Midstream Partners by 80.0% in the first quarter. Creative Planning now owns 54,487 shares of the pipeline company’s stock worth $1,286,000 after buying an additional 24,214 shares during the period. Institutional investors own 40.74% of the company’s stock.
Cone Midstream Partners (CNNX) opened at 19.67 on Friday. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 12.09 and a beta of 1.60. Cone Midstream Partners has a 12-month low of $16.03 and a 12-month high of $25.56. The stock’s 50 day moving average price is $20.28 and its 200 day moving average price is $22.10.
About Cone Midstream Partners
CONE Midstream Partners LP is a master limited partnership formed by 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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