Crestwood Equity Partners LP (NYSE:CEQP) Sees Large Decline in Short Interest

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Crestwood Equity Partners LP (NYSE:CEQP) was the recipient of a large decline in short interest in June. As of June 30th, there was short interest totalling 2,852,200 shares, a decline of 5.9% from the May 30th total of 3,031,000 shares. Based on an average daily volume of 252,600 shares, the short-interest ratio is presently 11.3 days. Currently, 5.8% of the shares of the stock are sold short.

Several equities research analysts have commented on CEQP shares. Wells Fargo & Co set a $162.00 price objective on Jazz Pharmaceuticals and gave the stock a “buy” rating in a research note on Tuesday, March 19th. TheStreet lowered Trinity Industries from a “b” rating to a “c” rating in a research note on Thursday, April 25th. Finally, ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Four 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 “Buy” and a consensus target price of $39.57.

Several hedge funds have recently bought and sold shares of CEQP. Hsbc Holdings PLC purchased a new position in shares of Crestwood Equity Partners during the fourth quarter worth about $2,640,000. Bank of America Corp DE boosted its stake in shares of Crestwood Equity Partners by 8.5% during the fourth quarter. Bank of America Corp DE now owns 585,886 shares of the pipeline company’s stock worth $16,351,000 after buying an additional 45,911 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Crestwood Equity Partners during the fourth quarter worth about $4,825,000. Sound Income Strategies LLC acquired a new stake in shares of Crestwood Equity Partners during the first quarter worth about $35,000. Finally, Spirit of America Management Corp NY boosted its stake in shares of Crestwood Equity Partners by 22.2% during the first quarter. Spirit of America Management Corp NY now owns 355,684 shares of the pipeline company’s stock worth $12,517,000 after buying an additional 64,633 shares during the period. Institutional investors and hedge funds own 72.72% of the company’s stock.

Shares of CEQP stock traded up $0.07 during trading hours on Monday, reaching $36.89. The company had a trading volume of 340 shares, compared to its average volume of 225,888. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.92 and a quick ratio of 0.80. The stock has a fifty day simple moving average of $35.55. The firm has a market cap of $2.63 billion, a P/E ratio of 174.62, a price-to-earnings-growth ratio of 13.51 and a beta of 1.94. Crestwood Equity Partners has a 12-month low of $26.55 and a 12-month high of $40.55.

Crestwood Equity Partners (NYSE:CEQP) last posted its quarterly earnings results on Tuesday, April 30th. The pipeline company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.21). The company had revenue of $835.20 million during the quarter, compared to analysts’ expectations of $879.87 million. Crestwood Equity Partners had a net margin of 0.47% and a return on equity of 2.79%. Crestwood Equity Partners’s revenue for the quarter was down 25.1% on a year-over-year basis. During the same quarter last year, the company earned $0.21 earnings per share. As a group, analysts anticipate that Crestwood Equity Partners will post 0.55 earnings per share for the current fiscal year.

Crestwood Equity Partners Company 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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