OppenheimerFunds Inc. Has $50.35 Million Holding in CONE Midstream Partners LP (CNNX)

OppenheimerFunds Inc. Has $50.35 Million Holding in CONE Midstream Partners LP (CNNX)

OppenheimerFunds Inc. decreased its position in shares of CONE Midstream Partners LP (NYSE:CNNX) by 3.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,132,490 shares of the pipeline company’s stock after selling 75,208 shares during the period. OppenheimerFunds Inc.’s holdings in CONE Midstream Partners were worth $50,348,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the stock. Creative Planning increased its stake in CONE Midstream Partners by 80.0% in the first quarter. Creative Planning now owns 54,487 shares of the pipeline company’s stock worth $1,286,000 after buying an additional 24,214 shares during the last quarter. Guggenheim Capital LLC boosted its position in shares of CONE Midstream Partners by 36.4% in the fourth quarter. Guggenheim Capital LLC now owns 59,763 shares of the pipeline company’s stock worth $1,407,000 after buying an additional 15,937 shares during the period. Oakview Capital Management L.P. acquired a new position in shares of CONE Midstream Partners during the fourth quarter worth $15,014,000. Allianz Asset Management AG boosted its position in shares of CONE Midstream Partners by 2.9% in the fourth quarter. Allianz Asset Management AG now owns 827,447 shares of the pipeline company’s stock worth $19,486,000 after buying an additional 23,082 shares during the period. Finally, Catalyst Capital Advisors LLC acquired a new position in shares of CONE Midstream Partners during the first quarter worth $550,000. Institutional investors own 44.46% of the company’s stock.

Shares of CONE Midstream Partners LP (CNNX) traded down 3.97% on Friday, hitting $21.04. 144,979 shares of the stock were exchanged. The company has a market cap of $1.34 billion, a P/E ratio of 12.93 and a beta of 1.69. CONE Midstream Partners LP has a one year low of $15.31 and a one year high of $25.56. The firm’s 50-day moving average is $21.41 and its 200-day moving average is $22.41.

CONE Midstream Partners (NYSE:CNNX) last released its earnings results on Thursday, May 4th. The pipeline company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. CONE Midstream Partners had a net margin of 39.18% and a return on equity of 11.33%. The business had revenue of $59 million during the quarter, compared to analyst estimates of $60.28 million. During the same period in the prior year, the business earned $0.42 earnings per share. The business’s quarterly revenue was down 5.1% on a year-over-year basis. On average, equities analysts forecast that CONE Midstream Partners LP will post $1.70 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Thursday, May 4th were issued a dividend of $0.2821 per share. The ex-dividend date was Tuesday, May 2nd. This represents a $1.13 dividend on an annualized basis and a dividend yield of 5.36%. This is a positive change from CONE Midstream Partners’s previous quarterly dividend of $0.27. CONE Midstream Partners’s payout ratio is currently 68.55%.

A number of brokerages have recently weighed in on CNNX. ValuEngine cut shares of CONE Midstream Partners from a “strong-buy” rating to a “buy” rating in a research note on Friday. Royal Bank of Canada reissued a “buy” rating and set a $26.00 price objective on shares of CONE Midstream Partners in a research note on Friday, March 31st. Citigroup Inc reissued a “neutral” rating and set a $25.00 price objective (up from $21.00) on shares of CONE Midstream Partners in a research note on Tuesday, April 25th. Zacks Investment Research cut shares of CONE Midstream Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Finally, Johnson Rice began coverage on shares of CONE Midstream Partners in a research note on Thursday, March 23rd. They set an “accumulate” rating for the company. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. CONE Midstream Partners currently has a consensus rating of “Buy” and an average price target of $22.71.

About CONE Midstream Partners

CONE Midstream Partners LP is a master limited partnership formed by 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CNNX”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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