US Capital Advisors Comments on Crestwood Equity Partners LP’s Q3 2023 Earnings (NYSE:CEQP)

Crestwood Equity Partners LP (NYSE:CEQP – Get Rating) – US Capital Advisors cut their Q3 2023 earnings per share (EPS) estimates for shares of Crestwood Equity Partners in a report issued on Friday, May 19th. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings per share of $0.08 for the quarter, down from their previous estimate of $0.14. US Capital Advisors has a “Hold” rating on the stock. The consensus estimate for Crestwood Equity Partners’ current full-year earnings is $1.63 per share. US Capital Advisors also issued estimates for Crestwood Equity Partners’ Q4 2023 earnings at $0.25 EPS, Q1 2024 earnings at $0.26 EPS, Q2 2024 earnings at $0.17 EPS, Q3 2024 earnings at $0.25 EPS, FY2024 earnings at $1.13 EPS and FY2025 earnings at $1.76 EPS.

Other research analysts have also issued research reports about the company. Citigroup dropped their price target on Crestwood Equity Partners from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, February 27th. Raymond James decreased their price target on shares of Crestwood Equity Partners from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Monday, January 23rd. JPMorgan Chase & Co. downgraded shares of Crestwood Equity Partners from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $31.00 to $28.00 in a research note on Tuesday, March 14th. Royal Bank of Canada decreased their price target on shares of Crestwood Equity Partners from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Wednesday, March 15th. Finally, Scotiabank assumed coverage on shares of Crestwood Equity Partners in a research note on Wednesday, March 1st. They set a “sector outperform” rating and a $31.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.88.

Crestwood Equity Partners Price Performance

NYSE:CEQP opened at $25.97 on Monday. The company has a quick ratio of 0.88, a current ratio of 1.10 and a debt-to-equity ratio of 1.98. The business’s 50-day simple moving average is $24.47 and its two-hundred day simple moving average is $26.29. The stock has a market cap of $2.73 billion, a PE ratio of -288.56 and a beta of 2.51. Crestwood Equity Partners has a 52 week low of $22.11 and a 52 week high of $31.46.

Crestwood Equity Partners (NYSE:CEQP – Get Rating) last announced its earnings results on Tuesday, May 2nd. The pipeline company reported $0.15 EPS for the quarter, hitting analysts’ consensus estimates of $0.15. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Crestwood Equity Partners had a return on equity of 7.53% and a net margin of 0.89%.

Crestwood Equity Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Monday, May 8th were paid a $0.655 dividend. The ex-dividend date of this dividend was Friday, May 5th. This represents a $2.62 annualized dividend and a dividend yield of 10.09%. Crestwood Equity Partners’s dividend payout ratio (DPR) is -2,911.11%.

Institutional Trading of Crestwood Equity Partners

Several hedge funds have recently made changes to their positions in CEQP. Raymond James & Associates grew its stake in shares of Crestwood Equity Partners by 91.5% in the 1st quarter. Raymond James & Associates now owns 60,954 shares of the pipeline company’s stock valued at $1,824,000 after buying an additional 29,126 shares during the period. US Bancorp DE boosted its position in shares of Crestwood Equity Partners by 3.4% during the 1st quarter. US Bancorp DE now owns 26,596 shares of the pipeline company’s stock worth $796,000 after purchasing an additional 870 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in shares of Crestwood Equity Partners by 13.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,246 shares of the pipeline company’s stock worth $247,000 after purchasing an additional 997 shares during the period. HighTower Advisors LLC boosted its position in shares of Crestwood Equity Partners by 18.0% during the 1st quarter. HighTower Advisors LLC now owns 27,502 shares of the pipeline company’s stock worth $823,000 after purchasing an additional 4,188 shares during the period. Finally, Private Advisor Group LLC purchased a new position in shares of Crestwood Equity Partners during the 1st quarter worth approximately $631,000. Hedge funds and other institutional investors own 61.11% of the company’s stock.

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.