CNX Midstream Partners (NYSE:CNXM) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of CNX Midstream Partners (NYSE:CNXM) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

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. “

A number of other research firms also recently issued reports on CNXM. ValuEngine downgraded shares of CNX Midstream Partners from a sell rating to a strong sell rating in a report on Thursday, April 2nd. Citigroup lowered shares of CNX Midstream Partners from a buy rating to a hold rating and decreased their price target for the company from $17.00 to $8.00 in a report on Friday, May 1st. JPMorgan Chase & Co. decreased their price target on shares of CNX Midstream Partners from $13.00 to $9.00 and set an underweight rating on the stock in a report on Tuesday, April 28th. Finally, Wells Fargo & Co upgraded shares of CNX Midstream Partners from an underweight rating to an equal weight rating and lifted their price target for the company from $8.00 to $14.00 in a report on Monday, April 27th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. CNX Midstream Partners has a consensus rating of Hold and an average target price of $11.40.

CNX Midstream Partners stock opened at $6.56 on Tuesday. CNX Midstream Partners has a 52 week low of $5.20 and a 52 week high of $16.94. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 2.50. The firm’s 50-day simple moving average is $7.49 and its 200 day simple moving average is $11.09. The firm has a market capitalization of $589.08 million, a PE ratio of 2.67 and a beta of 1.11.

CNX Midstream Partners (NYSE:CNXM) last released its earnings results on Monday, April 27th. The pipeline company reported $0.49 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.02). The firm had revenue of $80.20 million during the quarter, compared to analysts’ expectations of $89.70 million. CNX Midstream Partners had a net margin of 58.78% and a return on equity of 44.70%. CNX Midstream Partners’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $0.47 earnings per share. On average, research analysts expect that CNX Midstream Partners will post 1.54 EPS for the current fiscal year.

In related news, Director Angela A. Minas sold 25,000 shares of CNX Midstream Partners stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $7.70, for a total transaction of $192,500.00. Following the transaction, the director now owns 21,656 shares in the company, valued at approximately $166,751.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Several large investors have recently bought and sold shares of the stock. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of CNX Midstream Partners by 3.9% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 6,358,161 shares of the pipeline company’s stock valued at $104,655,000 after acquiring an additional 236,333 shares in the last quarter. Alps Advisors Inc. lifted its holdings in CNX Midstream Partners by 14,783.8% in the 1st quarter. Alps Advisors Inc. now owns 5,202,639 shares of the pipeline company’s stock worth $42,141,000 after buying an additional 5,167,684 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in CNX Midstream Partners by 103.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,237,791 shares of the pipeline company’s stock worth $18,126,000 after buying an additional 1,140,056 shares in the last quarter. Oakview Capital Management L.P. lifted its holdings in CNX Midstream Partners by 33.7% in the 1st quarter. Oakview Capital Management L.P. now owns 1,299,574 shares of the pipeline company’s stock worth $10,527,000 after buying an additional 327,603 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in CNX Midstream Partners by 12.8% in the 1st quarter. Morgan Stanley now owns 847,116 shares of the pipeline company’s stock worth $6,862,000 after buying an additional 96,269 shares in the last quarter. Institutional investors and hedge funds own 30.12% of the company’s stock.

CNX Midstream Partners Company 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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