Crestwood Equity Partners (CEQP) Upgraded to “Buy” by UBS

UBS upgraded shares of Crestwood Equity Partners (NYSE:CEQP) from a neutral rating to a buy rating in a research report released on Monday morning. They currently have $27.00 target price on the pipeline company’s stock, up from their previous target price of $26.00.

A number of other brokerages have also weighed in on CEQP. Stifel Nicolaus set a $27.00 target price on Crestwood Equity Partners and gave the company a buy rating in a research note on Tuesday, October 31st. ValuEngine upgraded Crestwood Equity Partners from a sell rating to a hold rating in a research note on Tuesday, October 31st. Finally, BidaskClub lowered Crestwood Equity Partners from a hold rating to a sell rating in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $27.60.

Crestwood Equity Partners (NYSE CEQP) traded up $0.40 during midday trading on Monday, reaching $24.85. The company’s stock had a trading volume of 345,200 shares, compared to its average volume of 204,034. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.75 and a current ratio of 0.94. Crestwood Equity Partners has a 12-month low of $20.00 and a 12-month high of $28.30.

Crestwood Equity Partners (NYSE:CEQP) last posted its quarterly earnings data on Tuesday, October 31st. The pipeline company reported ($0.72) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.65). Crestwood Equity Partners had a negative return on equity of 3.34% and a negative net margin of 5.36%. The company had revenue of $955.60 million for the quarter, compared to analyst estimates of $830.77 million. During the same quarter in the previous year, the firm posted ($0.14) EPS. Crestwood Equity Partners’s quarterly revenue was up 62.6% on a year-over-year basis. sell-side analysts expect that Crestwood Equity Partners will post -1.42 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, November 7th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 9.66%. The ex-dividend date of this dividend was Monday, November 6th. Crestwood Equity Partners’s dividend payout ratio is -85.11%.

A number of institutional investors have recently bought and sold shares of CEQP. GSA Capital Partners LLP boosted its holdings in Crestwood Equity Partners by 722.0% during the third quarter. GSA Capital Partners LLP now owns 88,702 shares of the pipeline company’s stock worth $2,164,000 after buying an additional 77,911 shares during the last quarter. Green Square Capital LLC acquired a new position in shares of Crestwood Equity Partners during the 3rd quarter worth approximately $201,000. California Public Employees Retirement System increased its holdings in shares of Crestwood Equity Partners by 3.0% during the 3rd quarter. California Public Employees Retirement System now owns 118,177 shares of the pipeline company’s stock worth $2,884,000 after acquiring an additional 3,425 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in shares of Crestwood Equity Partners during the 3rd quarter worth approximately $359,000. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of Crestwood Equity Partners during the 3rd quarter worth approximately $740,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

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About Crestwood Equity Partners

Crestwood Equity Partners LP is a holding company and a master limited partnership (MLP). The Company develops, acquires, owns or controls, and operates assets and operations within the energy midstream sector. The Company’s segments include gathering and processing (G&P), which includes its natural gas, crude oil and produced water G&P operations; storage and transportation, which includes its natural gas and crude oil storage and transportation operations, and marketing, supply and logistics, which includes its natural gas liquid (NGL) supply and logistics business, crude oil storage and rail loading facilities and fleet, and salt production business.

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