Cone Midstream Partners LP (CNNX) Raises Dividend to $0.30 Per Share
Cone Midstream Partners LP (NYSE:CNNX) announced a quarterly dividend on Monday, October 23rd, Wall Street Journal reports. Shareholders of record on Friday, November 3rd will be paid a dividend of 0.3025 per share by the pipeline company on Tuesday, November 14th. This represents a $1.21 dividend on an annualized basis and a yield of 7.74%. The ex-dividend date is Thursday, November 2nd. This is a boost from Cone Midstream Partners’s previous quarterly dividend of $0.29.
Cone Midstream Partners has a dividend payout ratio of 67.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cone Midstream Partners to earn $1.72 per share next year, which means the company should continue to be able to cover its $1.17 annual dividend with an expected future payout ratio of 68.0%.
Cone Midstream Partners (NYSE CNNX) traded down 1.33% during trading on Monday, hitting $15.63. The stock had a trading volume of 157,909 shares. The firm’s 50-day moving average price is $16.99 and its 200-day moving average price is $19.20. The company has a market cap of $993.83 million, a price-to-earnings ratio of 9.34 and a beta of 1.63. Cone Midstream Partners has a 52-week low of $15.48 and a 52-week high of $25.56.
Cone Midstream Partners (NYSE:CNNX) last released its quarterly earnings data on Monday, August 7th. The pipeline company reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. The business had revenue of $56.50 million during the quarter, compared to analyst estimates of $60.15 million. Cone Midstream Partners had a return on equity of 14.15% and a net margin of 45.95%. The company’s revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.39 EPS. Analysts predict that Cone Midstream Partners will post $1.71 EPS for the current fiscal year.
A number of equities analysts have weighed in on the company. BidaskClub lowered Cone Midstream Partners from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Barclays PLC upgraded Cone Midstream Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective for the company in a research note on Tuesday, July 18th. Stifel Nicolaus restated a “buy” rating and issued a $25.00 price target on shares of Cone Midstream Partners in a research note on Friday, August 11th. Zacks Investment Research upgraded Cone Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, Bank of America Corporation cut their price target on Cone Midstream Partners from $23.00 to $21.00 and set a “neutral” rating for the company in a research note on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $23.29.
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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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