Published On: Tue, Sep 13th, 2016

Credit Suisse Group AG Downgrades Cone Midstream Partners LP (CNNX) to Neutral

Cone Midstream Partners LP (NYSE:CNNX) was downgraded by stock analysts at Credit Suisse Group AG from an “outperform” rating to a “neutral” rating in a note issued to investors on Tuesday, StockTargetPrices.com reports. They presently have a $22.00 target price on the stock, up from their previous target price of $21.00. Credit Suisse Group AG’s target price points to a potential upside of 16.03% from the stock’s current price.
CNNX has been the subject of several other reports. Janney Montgomery Scott initiated coverage on shares of Cone Midstream Partners in a research report on Thursday, September 1st. They set a “buy” rating and a $22.00 price target for the company. They noted that the move was a valuation call. Robert W. Baird set a $23.00 price target on shares of Cone Midstream Partners and gave the company a “buy” rating in a research report on Monday, August 29th. Citigroup Inc. increased their price target on shares of Cone Midstream Partners from $15.00 to $18.50 and gave the company a “neutral” rating in a research report on Monday, August 8th. TheStreet raised shares of Cone Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, August 4th. Finally, Zacks Investment Research raised shares of Cone Midstream Partners from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Wednesday, August 3rd. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $19.30.
Cone Midstream Partners (NYSE:CNNX) opened at 18.96 on Tuesday. The stock has a market cap of $1.11 billion, a P/E ratio of 12.52 and a beta of 1.86. The company has a 50 day moving average of $17.97 and a 200-day moving average of $15.49. Cone Midstream Partners has a 12-month low of $7.55 and a 12-month high of $19.86.

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Cone Midstream Partners (NYSE:CNNX) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.04. Cone Midstream Partners had a net margin of 38.65% and a return on equity of 11.21%. The company earned $58.40 million during the quarter, compared to analyst estimates of $60.61 million. During the same period in the prior year, the firm earned $0.25 earnings per share. The firm’s revenue for the quarter was up 22.4% compared to the same quarter last year. Equities analysts forecast that Cone Midstream Partners will post $1.52 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of the company. Creative Planning increased its position in shares of Cone Midstream Partners by 47.5% in the second quarter. Creative Planning now owns 16,957 shares of the company’s stock valued at $294,000 after buying an additional 5,462 shares during the period. Pointe Capital Management LLC increased its position in shares of Cone Midstream Partners by 32.4% in the second quarter. Pointe Capital Management LLC now owns 56,026 shares of the company’s stock valued at $971,000 after buying an additional 13,726 shares during the period. Wellington Management Group LLP increased its position in shares of Cone Midstream Partners by 56.0% in the first quarter. Wellington Management Group LLP now owns 117,965 shares of the company’s stock valued at $1,476,000 after buying an additional 42,368 shares during the period. Spirit of America Management Corp NY increased its position in shares of Cone Midstream Partners by 7.6% in the second quarter. Spirit of America Management Corp NY now owns 814,853 shares of the company’s stock valued at $14,129,000 after buying an additional 57,524 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Cone Midstream Partners by 158.5% in the first quarter. Renaissance Technologies LLC now owns 200,800 shares of the company’s stock valued at $2,512,000 after buying an additional 123,120 shares during the period. Institutional investors own 43.47% of the company’s stock.
Cone Midstream Partners Company Profile
CONE Midstream Partners LP is a master limited partnership formed between CONSOL Energy Inc (CONSOL) and Noble Energy, Inc (Noble Energy). The Company owns, operates, develops and acquires natural gas gathering and other midstream energy assets to service CONSOL’s and Noble Energy’s production in the Marcellus Shale in Pennsylvania and West Virginia.

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