Security National Bank of Sioux City Iowa IA purchased a new stake in Crestwood Equity Partners LP (NYSE:CEQP) during the 1st quarter, Holdings Channel.com reports. The fund purchased 7,500 shares of the pipeline company’s stock, valued at approximately $209,000.
A number of other institutional investors also recently made changes to their positions in CEQP. City Holding Co. purchased a new position in Crestwood Equity Partners in the first quarter valued at approximately $27,000. ADE LLC purchased a new position in Crestwood Equity Partners in the fourth quarter valued at approximately $49,000. Pacer Advisors Inc. increased its stake in Crestwood Equity Partners by 14.7% in the first quarter. Pacer Advisors Inc. now owns 3,012 shares of the pipeline company’s stock valued at $84,000 after purchasing an additional 385 shares during the last quarter. NEXT Financial Group Inc increased its stake in Crestwood Equity Partners by 840.6% in the first quarter. NEXT Financial Group Inc now owns 3,057 shares of the pipeline company’s stock valued at $85,000 after purchasing an additional 2,732 shares during the last quarter. Finally, Institutional & Family Asset Management LLC purchased a new position in Crestwood Equity Partners in the first quarter valued at approximately $86,000. Institutional investors own 32.73% of the company’s stock.
In other Crestwood Equity Partners news, major shareholder Gas Services Holding Crestwood sold 6,000,000 shares of the firm’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 8.33% of the company’s stock.
Crestwood Equity Partners (NYSE:CEQP) last posted its quarterly earnings data on Monday, April 26th. The pipeline company reported ($0.86) earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($1.22). Crestwood Equity Partners had a negative net margin of 2.78% and a negative return on equity of 3.26%. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business earned ($0.66) earnings per share. The business’s quarterly revenue was up 41.9% on a year-over-year basis. As a group, sell-side analysts expect that Crestwood Equity Partners LP will post -0.1 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 14th. Investors of record on Friday, May 7th were given a $0.625 dividend. The ex-dividend date of this dividend was Thursday, May 6th. This represents a $2.50 dividend on an annualized basis and a yield of 7.54%. Crestwood Equity Partners’s dividend payout ratio (DPR) is -657.89%.
Several equities analysts have commented on CEQP shares. Raymond James increased their price target on shares of Crestwood Equity Partners from $24.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, April 15th. JPMorgan Chase & Co. lowered shares of Crestwood Equity Partners from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $27.00 to $28.00 in a research report on Thursday, April 1st. Truist Securities raised their target price on shares of Crestwood Equity Partners from $26.00 to $30.00 in a research report on Friday, March 26th. Truist raised their target price on shares of Crestwood Equity Partners from $26.00 to $30.00 in a research report on Friday, March 26th. Finally, TheStreet upgraded shares of Crestwood Equity Partners from a “d+” rating to a “c-” rating in a research report on Tuesday, March 9th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $25.00.
About Crestwood Equity Partners
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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