Crestwood Equity Partners LP (NYSE:CEQP) Given Average Rating of “Reduce” by Brokerages

Crestwood Equity Partners LP (NYSE:CEQP) has been given an average recommendation of “Reduce” by the eight research firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $28.13.

Several equities research analysts have recently issued reports on the company. Scotiabank cut Crestwood Equity Partners from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $29.00 to $27.00 in a report on Thursday, August 17th. Wells Fargo & Company cut Crestwood Equity Partners from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $31.00 to $29.00 in a report on Thursday, August 17th. Raymond James cut Crestwood Equity Partners from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a report on Friday, August 25th. JPMorgan Chase & Co. cut Crestwood Equity Partners from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $30.00 to $28.00 in a report on Tuesday, August 1st. Finally, Truist Financial lowered Crestwood Equity Partners from a “buy” rating to a “hold” rating and cut their target price for the stock from $31.00 to $28.00 in a research report on Friday, August 18th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CEQP. Raymond James & Associates raised its position in Crestwood Equity Partners by 91.5% in the first quarter. Raymond James & Associates now owns 60,954 shares of the pipeline company’s stock valued at $1,824,000 after purchasing an additional 29,126 shares during the period. US Bancorp DE raised its position in Crestwood Equity Partners by 3.4% in the first quarter. US Bancorp DE now owns 26,596 shares of the pipeline company’s stock valued at $796,000 after purchasing an additional 870 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Crestwood Equity Partners by 13.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,246 shares of the pipeline company’s stock valued at $247,000 after purchasing an additional 997 shares during the period. HighTower Advisors LLC raised its position in Crestwood Equity Partners by 18.0% in the first quarter. HighTower Advisors LLC now owns 27,502 shares of the pipeline company’s stock valued at $823,000 after purchasing an additional 4,188 shares during the period. Finally, Private Advisor Group LLC purchased a new stake in shares of Crestwood Equity Partners during the first quarter worth about $631,000. 55.64% of the stock is owned by hedge funds and other institutional investors.

Crestwood Equity Partners Price Performance

CEQP stock opened at $28.26 on Tuesday. Crestwood Equity Partners has a 52-week low of $22.11 and a 52-week high of $30.40. The stock’s fifty day simple moving average is $28.53 and its 200-day simple moving average is $27.44. 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 stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 30.39 and a beta of 2.43.

Crestwood Equity Partners Dividend Announcement

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

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.