Crestwood Equity Partners (NYSE:CEQP) Reaches New 12-Month Low Following Analyst Downgrade

Crestwood Equity Partners LP (NYSE:CEQP – Get Rating) reached a new 52-week low during trading 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 traded. The stock had previously closed at $23.24.

Other equities research analysts have also issued research reports about the company. Scotiabank assumed coverage on Crestwood Equity Partners in a research report on Wednesday, March 1st. They issued a “sector outperform” rating and a $31.00 target price on the stock. US Capital Advisors downgraded Crestwood Equity Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, January 31st. JPMorgan Chase & Co. downgraded 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. Citigroup decreased their price target on Crestwood Equity Partners from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, February 27th. Finally, StockNews.com upgraded Crestwood Equity Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, February 28th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Crestwood Equity Partners currently has an average rating of “Moderate Buy” and a consensus target price of $30.33.

Institutional Investors Weigh In On Crestwood Equity Partners

A number of hedge funds have recently made changes to their positions in the business. Raymond James & Associates raised its holdings 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 worth $1,824,000 after purchasing an additional 29,126 shares during the period. US Bancorp DE lifted 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 valued at $796,000 after buying an additional 870 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake 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 acquiring an additional 997 shares during the period. HighTower Advisors LLC grew its stake 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 acquiring an additional 4,188 shares during the period. Finally, Private Advisor Group LLC bought a new stake in Crestwood Equity Partners in the 1st quarter valued at about $631,000. 61.11% of the stock is currently owned by institutional investors.

Crestwood Equity Partners Stock Performance

The firm has a market capitalization of $2.45 billion, a PE ratio of -83.00 and a beta of 2.52. 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’s fifty day simple moving average is $26.26 and its 200 day simple moving average is $27.74.

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

Crestwood Equity Partners Dividend Announcement

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

Crestwood Equity Partners Company Profile

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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.