Spirit of America Management Corp NY lowered its position in CNX Midstream Partners LP (NYSE:CNXM) by 12.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 673,983 shares of the pipeline company’s stock after selling 93,295 shares during the quarter. CNX Midstream Partners makes up about 1.5% of Spirit of America Management Corp NY’s holdings, making the stock its 23rd biggest holding. Spirit of America Management Corp NY owned about 1.06% of CNX Midstream Partners worth $10,251,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of CNXM. PNC Financial Services Group Inc. lifted its stake in CNX Midstream Partners by 18.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,350 shares of the pipeline company’s stock worth $86,000 after acquiring an additional 850 shares during the last quarter. Tortoise Index Solutions LLC lifted its position in shares of CNX Midstream Partners by 101.6% during the 4th quarter. Tortoise Index Solutions LLC now owns 9,326 shares of the pipeline company’s stock worth $152,000 after buying an additional 4,700 shares during the last quarter. Advisors Asset Management Inc. purchased a new stake in shares of CNX Midstream Partners during the 4th quarter worth approximately $161,000. Captrust Financial Advisors purchased a new stake in shares of CNX Midstream Partners during the 3rd quarter worth approximately $171,000. Finally, Penserra Capital Management LLC purchased a new stake in shares of CNX Midstream Partners during the 4th quarter worth approximately $177,000. Institutional investors own 53.02% of the company’s stock.
CNXM has been the subject of several recent analyst reports. ValuEngine downgraded shares of CNX Midstream Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, January 22nd. Zacks Investment Research downgraded shares of CNX Midstream Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, December 19th. Robert W. Baird downgraded shares of CNX Midstream Partners from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $25.00 to $18.00 in a research report on Thursday, March 7th. They noted that the move was a valuation call. Wells Fargo & Co downgraded shares of CNX Midstream Partners from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. downgraded shares of CNX Midstream Partners from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $24.00 to $20.00 in a research report on Tuesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. CNX Midstream Partners currently has an average rating of “Hold” and an average target price of $21.33.
In other CNX Midstream Partners news, Chairman N J. Deiuliis bought 6,100 shares of the business’s stock in a transaction dated Friday, February 22nd. The shares were acquired at an average cost of $16.30 per share, with a total value of $99,430.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.
Shares of CNX Midstream Partners stock traded down $0.08 during trading on Wednesday, reaching $15.02. The company’s stock had a trading volume of 669 shares, compared to its average volume of 303,801. The stock has a market capitalization of $956.02 million, a price-to-earnings ratio of 7.95, a PEG ratio of 0.53 and a beta of 1.29. CNX Midstream Partners LP has a fifty-two week low of $13.86 and a fifty-two week high of $21.00. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.62 and a quick ratio of 0.62.
CNX Midstream Partners (NYSE:CNXM) last announced its earnings results on Thursday, January 31st. The pipeline company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.13. The business had revenue of $70.82 million for the quarter, compared to analysts’ expectations of $65.90 million. CNX Midstream Partners had a net margin of 52.22% and a return on equity of 32.52%. Analysts anticipate that CNX Midstream Partners LP will post 2.05 earnings per share for the current year.
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CNX Midstream Partners Profile
CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. The company operates through two segments, Anchor Systems and Additional Systems. As of December 31, 2018, the company operated 14 compression and dehydration facilities.
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