Natixis cut its position in Crestwood Equity Partners LP (NYSE:CEQP) by 23.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,800 shares of the pipeline company’s stock after selling 45,000 shares during the period. Natixis owned 0.20% of Crestwood Equity Partners worth $5,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently modified their holdings of the company. Squar Milner Financial Services LLC acquired a new stake in shares of Crestwood Equity Partners in the second quarter worth approximately $33,000. Mascoma Wealth Management LLC acquired a new stake in shares of Crestwood Equity Partners in the second quarter worth approximately $55,000. Toroso Investments LLC acquired a new stake in shares of Crestwood Equity Partners in the second quarter worth approximately $214,000. Marshall Wace LLP acquired a new stake in shares of Crestwood Equity Partners in the second quarter worth approximately $323,000. Finally, BNP Paribas Arbitrage SA acquired a new stake in shares of Crestwood Equity Partners in the second quarter worth approximately $431,000. 72.27% of the stock is currently owned by hedge funds and other institutional investors.
In other Crestwood Equity Partners 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 36.20% of the company’s stock.
Crestwood Equity Partners (NYSE:CEQP) last released its quarterly earnings data on Tuesday, July 30th. The pipeline company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.05. The company had revenue of $683.40 million for the quarter, compared to analyst estimates of $749.75 million. Crestwood Equity Partners had a return on equity of 3.08% and a net margin of 7.95%. The firm’s revenue for the quarter was down 18.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.57) earnings per share. As a group, sell-side analysts forecast that Crestwood Equity Partners LP will post 1.63 EPS for the current year.
A number of analysts have recently issued reports on the company. Stifel Nicolaus raised Crestwood Equity Partners from a “hold” rating to a “buy” rating and lifted their price target for the stock from $37.00 to $46.00 in a research note on Wednesday, July 31st. Bank of America boosted their price objective on Crestwood Equity Partners from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada raised Crestwood Equity Partners from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $40.00 to $44.00 in a research note on Friday, August 23rd. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $41.86.
About Crestwood Equity Partners
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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