Pointe Capital Management LLC reduced its stake in Rice Midstream Partners LP (NYSE:RMP) by 4.3% during the second quarter, Holdings Channel reports. The institutional investor owned 49,905 shares of the oil and gas producer’s stock after selling 2,238 shares during the period. Pointe Capital Management LLC’s holdings in Rice Midstream Partners were worth $995,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Global X Management Co. LLC raised its position in Rice Midstream Partners by 28.2% in the second quarter. Global X Management Co. LLC now owns 24,431 shares of the oil and gas producer’s stock valued at $487,000 after buying an additional 5,372 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its position in Rice Midstream Partners by 10.7% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 8,184,689 shares of the oil and gas producer’s stock valued at $163,203,000 after buying an additional 788,842 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new position in Rice Midstream Partners during the second quarter valued at about $3,160,000. Oslo Asset Management AS bought a new position in Rice Midstream Partners during the second quarter valued at about $7,785,000. Finally, Miller Howard Investments Inc. NY bought a new position in Rice Midstream Partners during the second quarter valued at about $1,634,000.
Rice Midstream Partners LP (RMP) opened at 20.01 on Thursday. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 14.68 and a beta of 1.31. Rice Midstream Partners LP has a 12-month low of $16.87 and a 12-month high of $26.42. The firm’s 50-day moving average price is $20.10 and its 200 day moving average price is $23.60.
Rice Midstream Partners (NYSE:RMP) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.09. The business had revenue of $72.38 million for the quarter, compared to analysts’ expectations of $58.20 million. Rice Midstream Partners had a net margin of 58.22% and a return on equity of 12.71%. The business’s quarterly revenue was up 55.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. On average, analysts expect that Rice Midstream Partners LP will post $1.40 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Tuesday, August 8th will be given a dividend of $0.2711 per share. The ex-dividend date is Friday, August 4th. This represents a $1.08 dividend on an annualized basis and a yield of 5.42%. This is a boost from Rice Midstream Partners’s previous quarterly dividend of $0.26. Rice Midstream Partners’s dividend payout ratio is 70.13%.
Several research analysts have recently issued reports on the company. Zacks Investment Research upgraded Rice Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday. BidaskClub lowered Rice Midstream Partners from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Scotiabank set a $22.00 target price on Rice Midstream Partners and gave the stock a “hold” rating in a report on Saturday, July 22nd. US Capital Advisors reiterated a “hold” rating on shares of Rice Midstream Partners in a report on Monday, July 17th. Finally, TheStreet lowered Rice Midstream Partners from a “b-” rating to a “c+” rating in a report on Friday, July 14th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. Rice Midstream Partners presently has a consensus rating of “Hold” and an average price target of $24.25.
About Rice Midstream Partners
Rice Midstream Partners LP owns, operates, develops and acquires midstream assets in the Appalachian Basin. The Company’s segments are gathering and compression, and water services. The gathering and compression segment provides natural gas gathering and compression services for Rice Energy Inc (Rice Energy) and third parties in the Appalachian Basin.
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