Zacks Research Comments on Crestwood Equity Partners LP’s Q3 2024 Earnings (NYSE:CEQP)

Crestwood Equity Partners LP (NYSE:CEQP) – Investment analysts at Zacks Research dropped their Q3 2024 earnings per share (EPS) estimates for shares of Crestwood Equity Partners in a report issued on Monday, August 28th. Zacks Research analyst A. Kanoria now expects that the pipeline company will earn $0.55 per share for the quarter, down from their previous forecast of $0.62. The consensus estimate for Crestwood Equity Partners’ current full-year earnings is $2.10 per share. Zacks Research also issued estimates for Crestwood Equity Partners’ Q1 2025 earnings at $0.50 EPS and Q2 2025 earnings at $0.60 EPS.

Other analysts have also recently issued reports about the stock. StockNews.com initiated coverage on shares of Crestwood Equity Partners in a report on Saturday. They set a “hold” rating for the company. Wells Fargo & Company cut Crestwood Equity Partners from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $31.00 to $29.00 in a report on Thursday, August 17th. Citigroup lowered Crestwood Equity Partners from a “buy” rating to a “neutral” rating and cut their price target for the company from $30.00 to $28.00 in a report on Wednesday, August 2nd. Raymond James downgraded Crestwood Equity Partners from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a research note on Friday, August 25th. Finally, Royal Bank of Canada cut Crestwood Equity Partners from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $29.00 to $26.00 in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $28.13.

Crestwood Equity Partners Price Performance

NYSE CEQP opened at $28.23 on Tuesday. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.37 and a quick ratio of 1.10. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 30.36 and a beta of 2.44. The business’s fifty day moving average price is $27.37 and its 200-day moving average price is $25.92. Crestwood Equity Partners has a 1-year low of $22.11 and a 1-year high of $31.46.

Crestwood Equity Partners (NYSE:CEQP) last released its quarterly earnings results on Tuesday, August 1st. The pipeline company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.90. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Crestwood Equity Partners had a return on equity of 14.05% and a net margin of 3.11%. During the same period in the prior year, the firm earned $0.14 EPS.

Crestwood Equity Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were issued a $0.655 dividend. The ex-dividend date was Friday, August 4th. This represents a $2.62 dividend on an annualized basis and a yield of 9.28%. Crestwood Equity Partners’s dividend payout ratio is presently 281.72%.

Institutional Investors Weigh In On Crestwood Equity Partners

Several institutional investors and hedge funds have recently modified their holdings of CEQP. Moneta Group Investment Advisors LLC increased its holdings in shares of Crestwood Equity Partners by 101,693.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 543,825,315 shares of the pipeline company’s stock worth $14,242,785,000 after purchasing an additional 543,291,069 shares during the last quarter. Alps Advisors Inc. increased its stake in Crestwood Equity Partners by 21.3% in the 4th quarter. Alps Advisors Inc. now owns 12,335,027 shares of the pipeline company’s stock worth $323,054,000 after acquiring an additional 2,165,569 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Crestwood Equity Partners by 33,944.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,516,383 shares of the pipeline company’s stock valued at $119,594,000 after acquiring an additional 4,503,117 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Crestwood Equity Partners by 4.6% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,947,549 shares of the pipeline company’s stock valued at $78,051,000 after purchasing an additional 128,965 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of Crestwood Equity Partners by 1.8% in the second quarter. Clearbridge Investments LLC now owns 2,521,298 shares of the pipeline company’s stock valued at $66,764,000 after purchasing an additional 45,380 shares in the last quarter. Institutional investors own 55.64% of the company’s stock.

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.