Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Crestwood Equity Partners LP (NYSE:CEQP) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 9,000 shares of the pipeline company’s stock, valued at approximately $317,000.
A number of other hedge funds have also recently bought and sold shares of CEQP. Alps Advisors Inc. raised its stake in Crestwood Equity Partners by 12.6% during the 4th quarter. Alps Advisors Inc. now owns 4,870,511 shares of the pipeline company’s stock worth $135,936,000 after buying an additional 546,006 shares during the period. Bank of Montreal Can increased its holdings in Crestwood Equity Partners by 132.0% during the 1st quarter. Bank of Montreal Can now owns 911,349 shares of the pipeline company’s stock worth $32,071,000 after purchasing an additional 518,507 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Crestwood Equity Partners by 26.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,272,782 shares of the pipeline company’s stock worth $35,524,000 after purchasing an additional 266,937 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in Crestwood Equity Partners during the 4th quarter worth approximately $4,825,000. Finally, Hartz Capital Inc. bought a new stake in Crestwood Equity Partners during the 1st quarter worth approximately $4,001,000. 72.72% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have commented on CEQP. ValuEngine raised Crestwood Equity Partners from a “hold” rating to a “buy” rating in a report on Monday, April 1st. TheStreet raised Crestwood Equity Partners from a “c+” rating to a “b” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Co raised Crestwood Equity Partners from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 19th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $39.57.
Crestwood Equity Partners (NYSE:CEQP) last released its earnings results on Tuesday, April 30th. The pipeline company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.21). The business had revenue of $835.20 million during the quarter, compared to the consensus estimate of $879.87 million. Crestwood Equity Partners had a net margin of 0.47% and a return on equity of 2.79%. The business’s revenue was down 25.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.21 earnings per share. On average, sell-side analysts expect that Crestwood Equity Partners LP will post 0.55 EPS for the current fiscal year.
Crestwood Equity Partners Profile
Crestwood Equity Partners LP provides infrastructure solutions to liquids-rich natural gas and crude oil shale plays in the United States. It operates through three segments: Gathering and Processing (G&P); Storage and Transportation (S&T); and Marketing, Supply and Logistics (MS&L). The G&P segment offers gathering and transportation services for natural gas, crude oil, and produced water; and processing, treating, and compression services.
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