CNX Midstream Partners (NYSE:CNXM) Upgraded by Zacks Investment Research to Hold

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

According to Zacks, “CNX Midstream Partners LP is a master limited partnership which owns, operates and develops natural gas gathering and other midstream energy assets 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. “

CNXM has been the topic of several other research reports. Wells Fargo & Co upgraded CNX Midstream Partners from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $8.00 to $14.00 in a report on Monday, April 27th. JPMorgan Chase & Co. lowered their price objective on shares of CNX Midstream Partners from $13.00 to $9.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 28th. ValuEngine downgraded shares of CNX Midstream Partners from a “sell” rating to a “strong sell” rating in a research note on Thursday, April 2nd. Finally, Citigroup downgraded shares of CNX Midstream Partners from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $17.00 to $8.00 in a research note on Friday, May 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $11.40.

CNXM traded down $0.13 during midday trading on Tuesday, hitting $6.56. 227,500 shares of the company’s stock traded hands, compared to its average volume of 964,754. The company has a market cap of $600.76 million, a PE ratio of 2.67 and a beta of 1.11. The stock’s fifty day simple moving average is $7.49 and its 200-day simple moving average is $11.09. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.41 and a quick ratio of 0.41. CNX Midstream Partners has a one year low of $5.20 and a one year high of $16.94.

CNX Midstream Partners (NYSE:CNXM) last issued its quarterly earnings data on Monday, April 27th. The pipeline company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). The business had revenue of $80.20 million for the quarter, compared to the consensus estimate of $89.70 million. CNX Midstream Partners had a net margin of 58.78% and a return on equity of 44.70%. CNX Midstream Partners’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.47 EPS. On average, research analysts expect that CNX Midstream Partners will post 1.63 EPS for the current year.

In related news, Director Angela A. Minas sold 25,000 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $7.70, for a total value of $192,500.00. Following the completion of the transaction, the director now directly owns 21,656 shares of the company’s stock, valued at $166,751.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Hedge funds and other institutional investors have recently modified their holdings of the business. Alps Advisors Inc. raised its stake in shares of CNX Midstream Partners by 14,783.8% during the 1st quarter. Alps Advisors Inc. now owns 5,202,639 shares of the pipeline company’s stock worth $42,141,000 after purchasing an additional 5,167,684 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of CNX Midstream Partners by 103.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,237,791 shares of the pipeline company’s stock worth $18,126,000 after purchasing an additional 1,140,056 shares in the last quarter. HAP Trading LLC raised its stake in shares of CNX Midstream Partners by 161.6% during the 1st quarter. HAP Trading LLC now owns 170,156 shares of the pipeline company’s stock worth $1,378,000 after purchasing an additional 446,556 shares in the last quarter. Harvest Fund Advisors LLC bought a new stake in shares of CNX Midstream Partners during the 1st quarter worth approximately $2,836,000. Finally, Oakview Capital Management L.P. raised its stake in shares of CNX Midstream Partners by 33.7% during the 1st quarter. Oakview Capital Management L.P. now owns 1,299,574 shares of the pipeline company’s stock worth $10,527,000 after purchasing an additional 327,603 shares in the last quarter. 30.12% of the stock is owned by institutional investors.

CNX Midstream Partners Company Profile

CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. The company operates through two segments, Anchor Systems and Additional Systems. As of December 31, 2018, the company operated 14 compression and dehydration facilities.

Further Reading: What is the cash asset ratio?

Get a free copy of the Zacks research report on CNX Midstream Partners (CNXM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for CNX Midstream Partners (NYSE:CNXM)

Receive News & Ratings for CNX Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CNX Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.