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Short Interest in Crestwood Equity Partners LP (NYSE:CEQP) Rises By 14.1%

Last updated on Sunday, November 22, 2020 | 2020 MarketBeat

Crestwood Equity Partners LP (NYSE:CEQP) was the recipient of a large increase in short interest in October. As of October 30th, there was short interest totalling 3,880,000 shares, an increase of 14.1% from the October 15th total of 3,400,000 shares. Based on an average daily volume of 685,300 shares, the days-to-cover ratio is currently 5.7 days. Approximately 7.7% of the shares of the company are short sold.

CEQP traded down $0.07 on Friday, hitting $16.24. 304,977 shares of the company's stock were exchanged, compared to its average volume of 1,199,156. Crestwood Equity Partners has a fifty-two week low of $2.65 and a fifty-two week high of $32.97. The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 1.69. The firm has a 50-day moving average price of $14.45 and a 200-day moving average price of $13.78. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -12.12 and a beta of 3.98.

Crestwood Equity Partners (NYSE:CEQP) last announced its earnings results on Tuesday, October 27th. The pipeline company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.15). Crestwood Equity Partners had a positive return on equity of 3.23% and a negative net margin of 1.50%. The business had revenue of $519.20 million for the quarter, compared to analyst estimates of $627.78 million. During the same period last year, the firm earned $0.12 EPS. The company's revenue for the quarter was down 37.0% compared to the same quarter last year. On average, equities analysts predict that Crestwood Equity Partners will post -0.13 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 13th. Stockholders of record on Friday, November 6th were given a dividend of $0.625 per share. The ex-dividend date of this dividend was Thursday, November 5th. This represents a $2.50 annualized dividend and a dividend yield of 15.39%. Crestwood Equity Partners's payout ratio is 25,000.00%.

Several hedge funds have recently made changes to their positions in the company. Morgan Stanley boosted its position in shares of Crestwood Equity Partners by 78.7% during the 1st quarter. Morgan Stanley now owns 2,214,425 shares of the pipeline company's stock valued at $9,366,000 after acquiring an additional 975,034 shares during the last quarter. Cadence Capital Management LLC boosted its position in shares of Crestwood Equity Partners by 115.7% during the 2nd quarter. Cadence Capital Management LLC now owns 428,701 shares of the pipeline company's stock valued at $5,620,000 after acquiring an additional 229,970 shares during the last quarter. Blackstone Group Inc boosted its position in shares of Crestwood Equity Partners by 16.7% during the 3rd quarter. Blackstone Group Inc now owns 417,301 shares of the pipeline company's stock valued at $5,200,000 after acquiring an additional 59,570 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of Crestwood Equity Partners during the 2nd quarter valued at about $4,244,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of Crestwood Equity Partners during the 2nd quarter valued at about $1,722,000. 47.77% of the stock is currently owned by hedge funds and other institutional investors.

CEQP has been the topic of a number of research analyst reports. Capital One Financial cut shares of Crestwood Equity Partners from an "overweight" rating to an "equal weight" rating in a research note on Thursday. TheStreet cut shares of Crestwood Equity Partners from a "c" rating to a "d+" rating in a research note on Tuesday, August 4th. Finally, Stifel Nicolaus lifted their price target on shares of Crestwood Equity Partners from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Wednesday, October 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of "Hold" and an average price target of $12.57.

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 for natural gas.

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