Cone Midstream Partners LP (NYSE:CNNX) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Cone Midstream Partners LP (NYSE:CNNX) released its earnings results on Monday. The pipeline company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01, MarketWatch Earnings reports. The company had revenue of $56.50 million during the quarter, compared to analyst estimates of $60.15 million. Cone Midstream Partners had a net margin of 43.13% and a return on equity of 12.90%. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Friday, August 4th will be paid a $0.2922 dividend. This represents a $1.17 annualized dividend and a yield of 6.46%. This is an increase from Cone Midstream Partners’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, August 2nd. Cone Midstream Partners’s dividend payout ratio is presently 72.22%.
A number of hedge funds and other institutional investors have recently made changes to their positions in CNNX. Goldman Sachs Group Inc. boosted its position in shares of Cone Midstream Partners by 106.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,001,411 shares of the pipeline company’s stock valued at $23,643,000 after buying an additional 515,457 shares in the last quarter. Marshall Wace North America L.P. boosted its position in shares of Cone Midstream Partners by 341.5% in the second quarter. Marshall Wace North America L.P. now owns 234,851 shares of the pipeline company’s stock valued at $4,462,000 after buying an additional 181,654 shares in the last quarter. Navellier & Associates Inc bought a new position in shares of Cone Midstream Partners during the first quarter valued at $2,155,000. Bank of Montreal Can bought a new position in shares of Cone Midstream Partners during the second quarter valued at $1,726,000. Finally, Van ECK Associates Corp bought a new position in shares of Cone Midstream Partners during the first quarter valued at $1,691,000. Institutional investors own 40.91% of the company’s stock.
CNNX has been the subject of several analyst reports. Zacks Investment Research raised shares of Cone Midstream Partners from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a report on Tuesday, April 25th. BidaskClub lowered shares of Cone Midstream Partners from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Citigroup Inc. reissued a “neutral” rating and issued a $25.00 target price (up from $21.00) on shares of Cone Midstream Partners in a report on Tuesday, April 25th. Royal Bank Of Canada lowered shares of Cone Midstream Partners from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $26.00 to $22.00 in a report on Monday, May 8th. Finally, Barclays PLC raised shares of Cone Midstream Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 target price for the company in a report on Tuesday, July 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $23.00.
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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