Tortoise Capital Advisors L.L.C. Grows Stake in CNX Midstream Partners LP (NYSE:CNXM)

Tortoise Capital Advisors L.L.C. lifted its stake in shares of CNX Midstream Partners LP (NYSE:CNXM) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,358,161 shares of the pipeline company’s stock after purchasing an additional 236,333 shares during the period. CNX Midstream Partners comprises 0.6% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its 28th biggest position. Tortoise Capital Advisors L.L.C. owned about 7.09% of CNX Midstream Partners worth $104,655,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its position in CNX Midstream Partners by 512.3% during the first quarter. First Trust Advisors LP now owns 342,057 shares of the pipeline company’s stock worth $5,203,000 after acquiring an additional 286,197 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of CNX Midstream Partners in the 3rd quarter valued at approximately $72,000. Walnut Private Equity Partners LLC raised its stake in shares of CNX Midstream Partners by 23.8% in the 4th quarter. Walnut Private Equity Partners LLC now owns 72,938 shares of the pipeline company’s stock valued at $1,201,000 after acquiring an additional 14,000 shares during the period. Arlington Partners LLC purchased a new stake in shares of CNX Midstream Partners in the 4th quarter valued at approximately $123,000. Finally, Janney Montgomery Scott LLC raised its stake in shares of CNX Midstream Partners by 107.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 46,282 shares of the pipeline company’s stock valued at $762,000 after acquiring an additional 23,960 shares during the period. 30.31% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:CNXM traded down $0.44 during trading hours on Thursday, reaching $7.77. The stock had a trading volume of 2,353,208 shares, compared to its average volume of 1,125,071. CNX Midstream Partners LP has a 1 year low of $5.20 and a 1 year high of $16.94. The firm’s 50 day moving average is $11.31 and its 200-day moving average is $13.94. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market capitalization of $715.63 million, a price-to-earnings ratio of 3.18 and a beta of 1.24.

CNX Midstream Partners (NYSE:CNXM) last announced its quarterly earnings data on Thursday, January 30th. The pipeline company reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.18. CNX Midstream Partners had a net margin of 57.00% and a return on equity of 40.37%. The company had revenue of $81.50 million for the quarter, compared to the consensus estimate of $73.90 million. During the same period in the prior year, the firm posted $0.59 EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. Analysts forecast that CNX Midstream Partners LP will post 2.07 EPS for the current year.

Several brokerages recently weighed in on CNXM. Barclays downgraded shares of CNX Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $17.00 target price on the stock. in a research note on Tuesday, January 14th. TheStreet downgraded shares of CNX Midstream Partners from a “b-” rating to a “c+” rating in a research note on Tuesday, February 25th. ValuEngine downgraded shares of CNX Midstream Partners from a “hold” rating to a “sell” rating in a research note on Saturday, February 1st. JPMorgan Chase & Co. downgraded shares of CNX Midstream Partners from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $17.00 to $16.00 in a research note on Wednesday, January 29th. Finally, Zacks Investment Research raised shares of CNX Midstream Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $15.50.

CNX Midstream Partners Profile

CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. The company operates through two segments, Anchor Systems and Additional Systems. As of December 31, 2018, the company operated 14 compression and dehydration facilities.

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Institutional Ownership by Quarter for CNX Midstream Partners (NYSE:CNXM)

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