Short Interest in CNX Midstream Partners LP (NYSE:CNXM) Grows By 20.5%

CNX Midstream Partners LP (NYSE:CNXM) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 1,454,600 shares, an increase of 20.5% from the June 30th total of 1,207,600 shares. Based on an average daily volume of 266,100 shares, the days-to-cover ratio is currently 5.5 days. Approximately 3.6% of the company’s shares are short sold.

Shares of CNX Midstream Partners stock traded down $0.06 on Thursday, hitting $13.85. The company had a trading volume of 8,442 shares, compared to its average volume of 370,108. The company has a market capitalization of $892.93 million, a price-to-earnings ratio of 7.29 and a beta of 1.11. CNX Midstream Partners has a twelve month low of $13.43 and a twelve month high of $20.95. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.39 and a quick ratio of 0.39. The company has a 50-day simple moving average of $14.41.

CNX Midstream Partners (NYSE:CNXM) last released its quarterly earnings results on Tuesday, July 30th. The pipeline company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.14. The company had revenue of $78.10 million during the quarter, compared to analysts’ expectations of $71.60 million. CNX Midstream Partners had a net margin of 56.02% and a return on equity of 39.15%. The business’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.43 earnings per share. As a group, equities analysts predict that CNX Midstream Partners will post 2 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Tuesday, August 6th were issued a $0.387 dividend. This represents a $1.55 annualized dividend and a dividend yield of 11.18%. The ex-dividend date was Monday, August 5th. This is a boost from CNX Midstream Partners’s previous quarterly dividend of $0.37. CNX Midstream Partners’s dividend payout ratio is 82.01%.

Several institutional investors have recently added to or reduced their stakes in CNXM. Squar Milner Financial Services LLC acquired a new position in shares of CNX Midstream Partners in the first quarter valued at approximately $25,000. Advisor Group Inc. lifted its position in shares of CNX Midstream Partners by 54.1% in the second quarter. Advisor Group Inc. now owns 3,392 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 1,191 shares in the last quarter. Clarkston Capital Partners LLC bought a new stake in shares of CNX Midstream Partners in the second quarter worth $141,000. LPL Financial LLC bought a new stake in shares of CNX Midstream Partners in the second quarter worth $152,000. Finally, HighTower Advisors LLC bought a new stake in shares of CNX Midstream Partners in the second quarter worth $165,000. Institutional investors own 47.99% of the company’s stock.

A number of brokerages recently issued reports on CNXM. Zacks Investment Research upgraded shares of CNX Midstream Partners from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Wednesday, August 7th. ValuEngine cut shares of CNX Midstream Partners from a “sell” rating to a “strong sell” rating in a report on Friday, June 14th. Finally, TheStreet cut shares of CNX Midstream Partners from a “b-” rating to a “c+” rating in a report on Friday, June 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $20.40.

About CNX Midstream Partners

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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