Kayne Anderson Capital Advisors LP raised its position in shares of Crestwood Equity Partners LP (NYSE:CEQP) by 10.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,244,832 shares of the pipeline company’s stock after purchasing an additional 205,000 shares during the quarter. Crestwood Equity Partners accounts for about 1.3% of Kayne Anderson Capital Advisors LP’s investment portfolio, making the stock its 22nd biggest holding. Kayne Anderson Capital Advisors LP owned 3.13% of Crestwood Equity Partners worth $81,952,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Cadence Capital Management LLC increased its stake in Crestwood Equity Partners by 0.4% during the 2nd quarter. Cadence Capital Management LLC now owns 182,476 shares of the pipeline company’s stock valued at $6,527,000 after purchasing an additional 741 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Crestwood Equity Partners by 3.3% in the second quarter. Van ECK Associates Corp now owns 23,731 shares of the pipeline company’s stock worth $849,000 after acquiring an additional 747 shares during the period. Squar Milner Financial Services LLC bought a new stake in shares of Crestwood Equity Partners in the second quarter worth approximately $33,000. First Trust Advisors LP grew its stake in shares of Crestwood Equity Partners by 1.0% in the first quarter. First Trust Advisors LP now owns 129,019 shares of the pipeline company’s stock worth $4,540,000 after acquiring an additional 1,241 shares during the period. Finally, Mascoma Wealth Management LLC bought a new stake in shares of Crestwood Equity Partners in the second quarter worth approximately $55,000. Institutional investors and hedge funds own 72.01% of the company’s stock.
NYSE:CEQP traded down $0.12 during trading hours on Friday, hitting $31.94. 361,027 shares of the stock traded hands, compared to its average volume of 286,343. The company has a quick ratio of 0.88, a current ratio of 0.99 and a debt-to-equity ratio of 1.73. Crestwood Equity Partners LP has a 1 year low of $26.55 and a 1 year high of $40.00. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 152.10, a price-to-earnings-growth ratio of 5.17 and a beta of 2.00. The stock has a 50 day moving average price of $35.70 and a 200 day moving average price of $35.83.
Crestwood Equity Partners (NYSE:CEQP) last issued its quarterly earnings results on Tuesday, October 29th. The pipeline company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.03). Crestwood Equity Partners had a net margin of 9.76% and a return on equity of 6.35%. The firm had revenue of $823.60 million for the quarter, compared to analysts’ expectations of $689.30 million. During the same period in the prior year, the firm earned ($0.34) EPS. Crestwood Equity Partners’s revenue for the quarter was down 11.5% compared to the same quarter last year. Equities analysts forecast that Crestwood Equity Partners LP will post 1.36 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 7.51%. The ex-dividend date is Wednesday, November 6th. Crestwood Equity Partners’s dividend payout ratio is currently 1,142.86%.
A number of analysts have recently commented on the stock. Stifel Nicolaus upgraded shares of Crestwood Equity Partners from a “hold” rating to a “buy” rating and lifted their price target for the stock from $37.00 to $46.00 in a research note on Wednesday, July 31st. Royal Bank of Canada upgraded shares of Crestwood Equity Partners from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $40.00 to $44.00 in a research note on Friday, August 23rd. Barclays set a $40.00 target price on shares of Crestwood Equity Partners and gave the company a “hold” rating in a research report on Tuesday, October 15th. Raymond James upgraded shares of Crestwood Equity Partners from an “outperform” rating to a “strong-buy” rating and set a $40.00 target price for the company in a research report on Wednesday, October 23rd. Finally, UBS Group boosted their target price on shares of Crestwood Equity Partners from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $42.71.
About Crestwood Equity Partners
Crestwood Equity Partners LP provides infrastructure solutions to liquids-rich natural gas and crude oil shale plays in the United States. It operates through three segments: Gathering and Processing (G&P); Storage and Transportation (S&T); and Marketing, Supply and Logistics (MS&L). The G&P segment offers gathering and transportation services for natural gas, crude oil, and produced water; and processing, treating, and compression services.
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