Cone Midstream Partners LP (CNNX) Posts Earnings Results, Hits Estimates
Cone Midstream Partners LP (NYSE:CNNX) posted its earnings results on Thursday. The pipeline company reported $0.43 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.43, Briefing.com reports. The business had revenue of $56.69 million for the quarter, compared to analyst estimates of $62.96 million. Cone Midstream Partners had a return on equity of 15.23% and a net margin of 48.40%. The firm’s revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 EPS.
Cone Midstream Partners (CNNX) traded up $0.47 during trading hours on Friday, hitting $16.90. The stock had a trading volume of 179,996 shares, compared to its average volume of 206,902. The stock has a market cap of $586.97 million, a P/E ratio of 10.03 and a beta of 1.64.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Friday, November 3rd will be issued a $0.3025 dividend. This represents a $1.21 dividend on an annualized basis and a yield of 7.14%. This is a positive change from Cone Midstream Partners’s previous quarterly dividend of $0.29. The ex-dividend date is Thursday, November 2nd. Cone Midstream Partners’s dividend payout ratio is currently 71.18%.
A number of research analysts recently weighed in on the company. ValuEngine raised Cone Midstream Partners from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Cone Midstream Partners in a report on Friday, August 11th. BidaskClub lowered Cone Midstream Partners from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Morgan Stanley decreased their price objective on Cone Midstream Partners from $25.00 to $24.00 and set an “equal weight” rating on the stock in a report on Friday, July 14th. Finally, Zacks Investment Research lowered Cone Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Cone Midstream Partners currently has a consensus rating of “Hold” and an average price target of $23.29.
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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