Crestwood Equity Partners (NYSE:CEQP) Sees Large Volume Increase

Crestwood Equity Partners LP (NYSE:CEQP) saw an uptick in trading volume on Friday . 740,600 shares traded hands during mid-day trading, an increase of 174% from the previous session’s volume of 270,190 shares.The stock last traded at $37.88 and had previously closed at $36.99.

A number of brokerages have recently commented on CEQP. Bank of America lifted their target price on Crestwood Equity Partners from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Stifel Nicolaus upgraded Crestwood Equity Partners from a “hold” rating to a “buy” rating and boosted their price objective for the company from $37.00 to $46.00 in a report on Wednesday, July 31st. Finally, Royal Bank of Canada upgraded Crestwood Equity Partners from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $40.00 to $44.00 in a report on Friday, August 23rd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Crestwood Equity Partners has an average rating of “Buy” and an average price target of $41.86.

The stock has a fifty day moving average of $35.45 and a 200-day moving average of $35.39. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.79 and a current ratio of 0.90. The company has a market cap of $2.66 billion, a PE ratio of 180.38, a PEG ratio of 4.55 and a beta of 2.00.

Crestwood Equity Partners (NYSE:CEQP) last posted its quarterly earnings data on Tuesday, July 30th. The pipeline company reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.05. Crestwood Equity Partners had a return on equity of 3.08% and a net margin of 7.95%. The company had revenue of $683.40 million during the quarter, compared to analysts’ expectations of $749.75 million. During the same quarter in the previous year, the business earned ($0.57) EPS. Crestwood Equity Partners’s revenue was down 18.7% compared to the same quarter last year. As a group, equities analysts anticipate that Crestwood Equity Partners LP will post 1.63 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 6.34%. The ex-dividend date was Tuesday, August 6th. Crestwood Equity Partners’s payout ratio is currently 1,142.86%.

In related news, SVP Joel Christian Lambert sold 30,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $37.37, for a total transaction of $1,121,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 36.20% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of CEQP. Kayne Anderson Capital Advisors LP raised its holdings in Crestwood Equity Partners by 20.8% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 2,039,832 shares of the pipeline company’s stock worth $72,958,000 after acquiring an additional 351,200 shares during the period. CIBC Private Wealth Group LLC increased its position in shares of Crestwood Equity Partners by 5.9% during the 1st quarter. CIBC Private Wealth Group LLC now owns 1,348,414 shares of the pipeline company’s stock valued at $47,451,000 after purchasing an additional 75,632 shares during the last quarter. Invesco Ltd. increased its position in shares of Crestwood Equity Partners by 8,014.0% during the 2nd quarter. Invesco Ltd. now owns 796,953 shares of the pipeline company’s stock valued at $28,507,000 after purchasing an additional 787,131 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Crestwood Equity Partners by 59.8% during the 2nd quarter. Wells Fargo & Company MN now owns 709,783 shares of the pipeline company’s stock valued at $25,389,000 after purchasing an additional 265,553 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Crestwood Equity Partners by 7.3% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 628,446 shares of the pipeline company’s stock valued at $22,115,000 after purchasing an additional 43,027 shares during the last quarter. Institutional investors and hedge funds own 74.94% of the company’s stock.

About Crestwood Equity Partners (NYSE:CEQP)

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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