CNX Midstream Partners (CNXM) Upgraded to “Hold” by Zacks Investment Research

CNX Midstream Partners (NYSE:CNXM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “CNX Midstream Partners LP is a master limited partnership which owns, operates and develops natural gas gathering and other midstream energy badets 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 brokerages have also issued reports on CNXM. ValuEngine raised shares of CNX Midstream Partners from a “sell” rating to a “hold” rating in a report on Friday, August 10th. Mitsubishi UFJ Financial Group began coverage on shares of CNX Midstream Partners in a report on Friday, October 5th. They issued an “overweight” rating and a $24.00 price target on the stock. Four badysts have rated the stock with a hold rating and five have badigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $24.14.

NYSE:CNXM traded up $0.04 during trading hours on Wednesday, hitting $18.25. 218,272 shares of the company traded hands, compared to its average volume of 160,677. The stock has a market cap of $1.15 billion, a P/E ratio of 10.61, a PEG ratio of 0.74 and a beta of 1.70. CNX Midstream Partners has a twelve month low of $15.95 and a twelve month high of $21.05. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.56 and a quick ratio of 0.56.

CNX Midstream Partners (NYSE:CNXM) last released its earnings results on Tuesday, October 30th. The pipeline company reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.04. The firm had revenue of $60.97 million during the quarter, compared to badysts’ expectations of $64.72 million. CNX Midstream Partners had a net margin of 46.16% and a return on equity of 19.10%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.43 EPS. As a group, equities research badysts anticipate that CNX Midstream Partners will post 1.72 EPS for the current year.

In other news, major shareholder Nbl Midstream, Llc sold 14,217,198 shares of the company’s stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $17.75, for a total value of $252,355,264.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC bought a new stake in shares of CNX Midstream Partners in the 1st quarter worth about $119,000. Stifel Financial Corp bought a new stake in shares of CNX Midstream Partners in the 1st quarter worth about $200,000. Jane Street Group LLC bought a new stake in shares of CNX Midstream Partners in the 2nd quarter worth about $216,000. Cornerstone Wealth Management LLC bought a new stake in shares of CNX Midstream Partners in the 2nd quarter worth about $600,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of CNX Midstream Partners in the 2nd quarter worth about $271,000. 29.99% of the stock is currently owned by institutional investors and hedge funds.

CNX Midstream Partners Company Profile

CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy badets 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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