CNX Midstream Partners (CNXM) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of CNX Midstream Partners (NYSE:CNXM) from a buy rating to a sell rating in a research report report published on Tuesday.

According to Zacks, “CNX Midstream Partners LP is a master limited partnership which owns, operates and develops natural gas gathering and other midstream energy assets primarily in the Marcellus Shale in Pennsylvania and West Virginia. CNX Midstream Partners LP, formerly known as CONE Midstream Partners LP, is based in Canonsburg, PA. “

Several other research firms have also recently weighed in on CNXM. JPMorgan Chase & Co. cut shares of CNX Midstream Partners from an overweight rating to a neutral rating and dropped their price objective for the stock from $24.00 to $20.00 in a research report on Tuesday. ValuEngine cut shares of CNX Midstream Partners from a sell rating to a strong sell rating in a research report on Saturday, February 2nd. Finally, Wells Fargo & Co dropped their price objective on shares of CNX Midstream Partners from $28.00 to $24.00 and set an outperform rating for the company in a research report on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $23.00.

NYSE:CNXM opened at $15.04 on Tuesday. CNX Midstream Partners has a 1 year low of $14.70 and a 1 year high of $21.00. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.45 and a quick ratio of 0.45. The company has a market capitalization of $959.69 million, a PE ratio of 7.98, a PEG ratio of 0.53 and a beta of 1.31.

CNX Midstream Partners (NYSE:CNXM) last posted its earnings results on Thursday, January 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.13. CNX Midstream Partners had a net margin of 52.22% and a return on equity of 32.18%. The company had revenue of $70.82 million during the quarter, compared to analysts’ expectations of $65.90 million. As a group, sell-side analysts anticipate that CNX Midstream Partners will post 2.05 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 13th. Shareholders of record on Tuesday, February 5th will be issued a dividend of $0.3603 per share. This represents a $1.44 dividend on an annualized basis and a yield of 9.58%. The ex-dividend date of this dividend is Monday, February 4th. This is a positive change from CNX Midstream Partners’s previous quarterly dividend of $0.35. CNX Midstream Partners’s payout ratio is currently 76.19%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNXM. FMR LLC grew its holdings in CNX Midstream Partners by 42.8% during the 2nd quarter. FMR LLC now owns 56,400 shares of the pipeline company’s stock worth $1,094,000 after acquiring an additional 16,900 shares during the period. Renaissance Technologies LLC grew its holdings in CNX Midstream Partners by 112.7% during the 2nd quarter. Renaissance Technologies LLC now owns 170,800 shares of the pipeline company’s stock worth $3,312,000 after acquiring an additional 90,500 shares during the period. Bank of America Corp DE grew its holdings in CNX Midstream Partners by 385.8% during the 2nd quarter. Bank of America Corp DE now owns 224,047 shares of the pipeline company’s stock worth $4,345,000 after acquiring an additional 177,925 shares during the period. Jane Street Group LLC acquired a new stake in CNX Midstream Partners during the 2nd quarter worth $216,000. Finally, Duff & Phelps Investment Management Co. grew its holdings in shares of CNX Midstream Partners by 22.2% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 250,500 shares of the pipeline company’s stock valued at $4,822,000 after buying an additional 45,500 shares during the period. 52.38% of the stock is owned by hedge funds and other institutional investors.

About CNX Midstream Partners

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. As of December 31, 2017, the company operates 18 compression and dehydration facilities. It also operates condensate handling facilities with handling capacities of 2,500 Bbl/d each in Majorsville, Pennsylvania, as well as Moundsville, West Virginia that provide condensate gathering, collection, separation, and stabilization services.

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