Crestwood Equity Partners (NYSE:CEQP) Sets New 52-Week Low Following Analyst Downgrade

Crestwood Equity Partners LP (NYSE:CEQP – Get Rating) hit a new 52-week low on Thursday after Royal Bank of Canada lowered their price target on the stock from $30.00 to $29.00. Royal Bank of Canada currently has an outperform rating on the stock. Crestwood Equity Partners traded as low as $22.77 and last traded at $22.98, with a volume of 35225 shares. The stock had previously closed at $23.24.

A number of other analysts have also recently weighed in on the company. JPMorgan Chase & Co. cut Crestwood Equity Partners from an “overweight” rating to a “neutral” rating and cut their price target for the company from $31.00 to $28.00 in a research note on Tuesday. Wells Fargo & Company reduced their price target on shares of Crestwood Equity Partners from $35.00 to $32.00 and set an “overweight” rating for the company in a research report on Wednesday, March 8th. Citigroup dropped their price objective on Crestwood Equity Partners from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, February 27th. StockNews.com raised Crestwood Equity Partners from a “sell” rating to a “hold” rating in a report on Tuesday, February 28th. Finally, Scotiabank assumed coverage on Crestwood Equity Partners in a research report on Wednesday, March 1st. They set a “sector outperform” rating and a $31.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.33.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CEQP. Natixis lifted its holdings in shares of Crestwood Equity Partners by 11.0% in the 4th quarter. Natixis now owns 322,200 shares of the pipeline company’s stock valued at $8,438,000 after buying an additional 31,800 shares during the period. Moneta Group Investment Advisors LLC grew its stake in shares of Crestwood Equity Partners by 1.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 543,825 shares of the pipeline company’s stock worth $14,243,000 after purchasing an additional 9,579 shares during the period. Financial Advocates Investment Management increased its holdings in shares of Crestwood Equity Partners by 88.8% in the 4th quarter. Financial Advocates Investment Management now owns 24,729 shares of the pipeline company’s stock valued at $648,000 after purchasing an additional 11,632 shares in the last quarter. Virtu Financial LLC lifted its stake in shares of Crestwood Equity Partners by 23.6% in the fourth quarter. Virtu Financial LLC now owns 9,321 shares of the pipeline company’s stock valued at $244,000 after purchasing an additional 1,781 shares during the period. Finally, Linscomb & Williams Inc. purchased a new stake in Crestwood Equity Partners during the fourth quarter worth about $237,000. 61.11% of the stock is owned by hedge funds and other institutional investors.

Crestwood Equity Partners Stock Down 0.0 %

The company has a debt-to-equity ratio of 1.95, a current ratio of 1.28 and a quick ratio of 1.04. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -83.00 and a beta of 2.52. The firm’s 50-day simple moving average is $26.26 and its two-hundred day simple moving average is $27.74.

Crestwood Equity Partners (NYSE:CEQP – Get Rating) last released its quarterly earnings results on Tuesday, February 21st. The pipeline company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Crestwood Equity Partners had a return on equity of 6.31% and a net margin of 0.52%. Sell-side analysts predict that Crestwood Equity Partners LP will post 1.54 EPS for the current fiscal year.

Crestwood Equity Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Tuesday, February 7th were paid a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a dividend yield of 11.28%. The ex-dividend date was Monday, February 6th. Crestwood Equity Partners’s dividend payout ratio (DPR) is presently -935.68%.

About Crestwood Equity Partners

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Crestwood Equity Partners LP engages in investment and management of energy midstream assets. It operates through the following segments: Gathering and Processing, Storage and Transportation, and Marketing, Supply, and Logistics. The Gathering and Processing segment provides gathering and transportation services, processing, treating, and compression services, and disposal services to producers in unconventional shale plays and tight-gas plays.