Joel Christian Lambert Sells 6,927 Shares of Crestwood Equity Partners LP (NYSE:CEQP) Stock
Crestwood Equity Partners LP (NYSE:CEQP) SVP Joel Christian Lambert sold 6,927 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $25.47, for a total value of $176,430.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Crestwood Equity Partners LP (NYSE CEQP) traded up 1.41% during mid-day trading on Friday, reaching $25.10. The company’s stock had a trading volume of 235,259 shares. The company’s market capitalization is $1.75 billion. Crestwood Equity Partners LP has a 1-year low of $18.51 and a 1-year high of $28.30. The firm’s 50 day moving average price is $23.94 and its 200-day moving average price is $24.93.
Crestwood Equity Partners (NYSE:CEQP) last announced its quarterly earnings results on Tuesday, August 1st. The pipeline company reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.23. The company had revenue of $850.30 million during the quarter, compared to analyst estimates of $706.34 million. Crestwood Equity Partners had a negative net margin of 4.68% and a negative return on equity of 1.13%. The firm’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.74) EPS. On average, analysts predict that Crestwood Equity Partners LP will post ($0.94) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, August 7th will be issued a $0.60 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 9.56%. Crestwood Equity Partners’s dividend payout ratio (DPR) is presently -107.14%.
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A number of research firms recently commented on CEQP. BidaskClub upgraded Crestwood Equity Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Stifel Nicolaus reiterated a “hold” rating and issued a $27.00 price objective (up from $26.00) on shares of Crestwood Equity Partners in a report on Thursday, May 4th. Finally, ValuEngine cut Crestwood Equity Partners from a “hold” rating to a “sell” rating in a report on Saturday, June 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $27.40.
Several institutional investors have recently made changes to their positions in CEQP. Bank of Montreal Can raised its position in shares of Crestwood Equity Partners by 0.3% in the first quarter. Bank of Montreal Can now owns 1,122,909 shares of the pipeline company’s stock worth $29,476,000 after buying an additional 3,909 shares during the period. Hollencrest Securities LLC bought a new position in shares of Crestwood Equity Partners during the first quarter worth $948,000. First Manhattan Co. raised its position in shares of Crestwood Equity Partners by 2.9% in the first quarter. First Manhattan Co. now owns 34,008 shares of the pipeline company’s stock worth $722,000 after buying an additional 962 shares during the period. Center Coast Capital Advisors LP raised its position in shares of Crestwood Equity Partners by 9.7% in the second quarter. Center Coast Capital Advisors LP now owns 2,658,700 shares of the pipeline company’s stock worth $62,479,000 after buying an additional 236,059 shares during the period. Finally, Catalyst Capital Advisors LLC raised its position in shares of Crestwood Equity Partners by 20.7% in the first quarter. Catalyst Capital Advisors LLC now owns 245,596 shares of the pipeline company’s stock worth $6,447,000 after buying an additional 42,061 shares during the period. Institutional investors own 64.03% of the company’s stock.
About Crestwood Equity Partners
Crestwood Equity Partners LP is a holding company and a master limited partnership (MLP). The Company develops, acquires, owns or controls, and operates assets and operations within the energy midstream sector. The Company’s segments include gathering and processing (G&P), which includes its natural gas, crude oil and produced water G&P operations; storage and transportation, which includes its natural gas and crude oil storage and transportation operations, and marketing, supply and logistics, which includes its natural gas liquid (NGL) supply and logistics business, crude oil storage and rail loading facilities and fleet, and salt production business.
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