Crestwood Equity Partners LP (NYSE:CEQP) announced a quarterly dividend on Thursday, April 15th, Zacks reports. Stockholders of record on Friday, May 7th will be given a dividend of 0.625 per share by the pipeline company on Friday, May 14th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 8.14%. The ex-dividend date is Thursday, May 6th.
Crestwood Equity Partners has increased its dividend payment by 4.2% over the last three years and has raised its dividend annually for the last 1 consecutive years. Crestwood Equity Partners has a payout ratio of 431.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Crestwood Equity Partners to earn $0.34 per share next year, which means the company may not be able to cover its $2.50 annual dividend with an expected future payout ratio of 735.3%.
Shares of NYSE:CEQP opened at $30.71 on Tuesday. The firm has a market capitalization of $2.28 billion, a P/E ratio of -22.92 and a beta of 3.75. Crestwood Equity Partners has a 1 year low of $8.50 and a 1 year high of $31.55. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.18 and a quick ratio of 0.88. The business’s 50-day moving average is $27.52 and its 200 day moving average is $21.29.
CEQP has been the topic of several research analyst reports. Truist Securities lifted their price objective on Crestwood Equity Partners from $26.00 to $30.00 in a report on Friday, March 26th. Capital One Financial lowered Crestwood Equity Partners from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $29.00 to $30.00 in a report on Wednesday, April 28th. Raymond James lifted their target price on shares of Crestwood Equity Partners from $24.00 to $31.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 21st. Wells Fargo & Company upgraded shares of Crestwood Equity Partners from an “underweight” rating to an “equal weight” rating and set a $22.00 target price for the company in a research report on Thursday, March 4th. Finally, TheStreet upgraded shares of Crestwood Equity Partners from a “d+” rating to a “c-” rating in a research report on Tuesday, March 9th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $23.18.
In other news, EVP William H. Moore sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, February 25th. The stock was sold at an average price of $22.16, for a total value of $2,216,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Gas Services Holding Crestwood sold 6,000,000 shares of the stock in a transaction on Tuesday, March 30th. The stock was sold at an average price of $22.00, for a total value of $132,000,000.00. The disclosure for this sale can be found here. 36.20% of the stock is currently owned by company insiders.
Crestwood Equity Partners Company Profile
Crestwood Equity Partners LP provides a range of 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).
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