Mirae Asset Global Investments Co. Ltd. Purchases 128,965 Shares of Crestwood Equity Partners LP (NYSE:CEQP)

Mirae Asset Global Investments Co. Ltd. increased its position in Crestwood Equity Partners LP (NYSE:CEQP) by 4.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,947,549 shares of the pipeline company’s stock after purchasing an additional 128,965 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 2.80% of Crestwood Equity Partners worth $78,051,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Avion Wealth lifted its position in Crestwood Equity Partners by 7.6% in the first quarter. Avion Wealth now owns 6,169 shares of the pipeline company’s stock worth $161,000 after purchasing an additional 435 shares during the period. American Financial Group Inc. lifted its position in Crestwood Equity Partners by 3.0% in the second quarter. American Financial Group Inc. now owns 17,000 shares of the pipeline company’s stock worth $450,000 after purchasing an additional 500 shares during the period. Credit Suisse AG lifted its position in Crestwood Equity Partners by 7.3% in the second quarter. Credit Suisse AG now owns 7,501 shares of the pipeline company’s stock worth $181,000 after purchasing an additional 511 shares during the period. Empirical Asset Management LLC lifted its position in Crestwood Equity Partners by 2.9% in the second quarter. Empirical Asset Management LLC now owns 19,121 shares of the pipeline company’s stock worth $506,000 after purchasing an additional 535 shares during the period. Finally, Brookstone Capital Management lifted its holdings in shares of Crestwood Equity Partners by 2.8% during the second quarter. Brookstone Capital Management now owns 21,579 shares of the pipeline company’s stock valued at $589,000 after acquiring an additional 597 shares during the period. 55.64% of the stock is owned by institutional investors.

Crestwood Equity Partners Price Performance

Shares of CEQP stock opened at $28.26 on Friday. The stock has a 50-day moving average price of $28.54 and a 200 day moving average price of $27.37. The company has a quick ratio of 1.10, a current ratio of 1.37 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 30.39 and a beta of 2.43. Crestwood Equity Partners LP has a 12 month low of $22.11 and a 12 month high of $30.40.

Crestwood Equity Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Monday, October 23rd were given a $0.655 dividend. The ex-dividend date was Friday, October 20th. This represents a $2.62 dividend on an annualized basis and a yield of 9.27%. Crestwood Equity Partners’s payout ratio is 281.72%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CEQP shares. Royal Bank of Canada cut Crestwood Equity Partners from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $29.00 to $26.00 in a report on Wednesday, August 2nd. StockNews.com initiated coverage on Crestwood Equity Partners in a report on Tuesday. They set a “hold” rating for the company. Truist Financial lowered Crestwood Equity Partners from a “buy” rating to a “hold” rating and lowered their target price for the company from $31.00 to $28.00 in a research note on Friday, August 18th. Scotiabank lowered Crestwood Equity Partners from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $29.00 to $27.00 in a research note on Thursday, August 17th. Finally, Citigroup lowered Crestwood Equity Partners from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $28.00 in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $28.13.

Crestwood Equity Partners Company Profile

Crestwood Equity Partners LP develops, acquires, owns, controls, and operates assets and operations in the energy midstream sector in the United States. The company operates through three segments: Gathering and Processing North; Gathering and Processing South; and Storage and Logistics. The Gathering and Processing North segment offers natural gas, crude oil, and produced water gathering, compression, treating, processing, and disposal services to producers in the Williston Basin and Powder River Basin.