Virtus ETF Advisers LLC Buys New Shares in CNX Midstream Partners LP (NYSE:CNXM)

Virtus ETF Advisers LLC bought a new stake in CNX Midstream Partners LP (NYSE:CNXM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 173,393 shares of the pipeline company’s stock, valued at approximately $2,436,000. Virtus ETF Advisers LLC owned about 0.27% of CNX Midstream Partners as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNXM. Advisor Group Inc. increased its stake in CNX Midstream Partners by 54.1% in the second quarter. Advisor Group Inc. now owns 3,392 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 1,191 shares during the last quarter. Clarkston Capital Partners LLC bought a new position in shares of CNX Midstream Partners during the second quarter valued at about $141,000. LPL Financial LLC bought a new position in shares of CNX Midstream Partners during the second quarter valued at about $152,000. HighTower Advisors LLC bought a new position in shares of CNX Midstream Partners during the second quarter valued at about $165,000. Finally, Penserra Capital Management LLC grew its stake in shares of CNX Midstream Partners by 15.6% during the first quarter. Penserra Capital Management LLC now owns 12,600 shares of the pipeline company’s stock valued at $191,000 after buying an additional 1,700 shares during the last quarter. 50.41% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:CNXM traded up $0.62 on Friday, reaching $14.61. 178,701 shares of the company traded hands, compared to its average volume of 270,725. The business’s 50-day simple moving average is $14.33 and its 200 day simple moving average is $14.70. CNX Midstream Partners LP has a 52 week low of $13.43 and a 52 week high of $20.05. The stock has a market capitalization of $926.14 million, a P/E ratio of 7.73 and a beta of 1.13. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 1.42.

CNX Midstream Partners (NYSE:CNXM) last posted its earnings results on Tuesday, July 30th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.14. The company had revenue of $78.10 million for the quarter, compared to analysts’ expectations of $71.60 million. CNX Midstream Partners had a return on equity of 39.15% and a net margin of 56.02%. CNX Midstream Partners’s quarterly revenue was up 28.0% on a year-over-year basis. During the same period last year, the firm earned $0.43 earnings per share. Sell-side analysts expect that CNX Midstream Partners LP will post 2.03 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th were paid a $0.387 dividend. The ex-dividend date of this dividend was Monday, August 5th. This is a boost from CNX Midstream Partners’s previous quarterly dividend of $0.37. This represents a $1.55 annualized dividend and a dividend yield of 10.60%. CNX Midstream Partners’s dividend payout ratio (DPR) is presently 82.01%.

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

Further Reading: Quiet Period Expirations Explained

Institutional Ownership by Quarter for CNX Midstream Partners (NYSE:CNXM)

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