Arrow Investment Advisors LLC lessened its stake in shares of Crestwood Equity Partners LP (NYSE:CEQP) by 27.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,921 shares of the pipeline company’s stock after selling 10,197 shares during the quarter. Arrow Investment Advisors LLC’s holdings in Crestwood Equity Partners were worth $633,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in CEQP. OppenheimerFunds Inc. boosted its stake in shares of Crestwood Equity Partners by 5.3% in the first quarter. OppenheimerFunds Inc. now owns 5,604,459 shares of the pipeline company’s stock valued at $147,117,000 after purchasing an additional 280,441 shares during the period. Center Coast Capital Advisors LP boosted its stake in shares of Crestwood Equity Partners by 9.7% in the second quarter. Center Coast Capital Advisors LP now owns 2,658,700 shares of the pipeline company’s stock valued at $62,479,000 after purchasing an additional 236,059 shares during the period. Rafferty Asset Management LLC purchased a new position in shares of Crestwood Equity Partners in the first quarter valued at approximately $3,150,000. Bank of America Corp DE boosted its stake in shares of Crestwood Equity Partners by 26.4% in the first quarter. Bank of America Corp DE now owns 398,776 shares of the pipeline company’s stock valued at $10,468,000 after purchasing an additional 83,349 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of Crestwood Equity Partners in the first quarter valued at approximately $944,000. 65.15% of the stock is owned by institutional investors.
Crestwood Equity Partners (NYSE:CEQP) last issued its quarterly earnings data on Tuesday, August 1st. The pipeline company reported ($0.28) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.23). Crestwood Equity Partners had a net margin of 0.04% and a negative return on equity of 4.68%. The business had revenue of $850.30 million during the quarter, compared to the consensus estimate of $706.34 million. During the same quarter in the previous year, the firm posted ($0.74) EPS. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year.
In other Crestwood Equity Partners news, SVP Joel Christian Lambert sold 6,927 shares of Crestwood Equity Partners stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $25.47, for a total value of $176,430.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 36.20% of the company’s stock.
CEQP has been the topic of several analyst reports. ValuEngine cut shares of Crestwood Equity Partners from a “hold” rating to a “sell” rating in a report on Saturday, June 3rd. Stifel Nicolaus raised shares of Crestwood Equity Partners from a “hold” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $28.00 in a report on Wednesday, August 2nd. Finally, BidaskClub raised shares of Crestwood Equity Partners from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Crestwood Equity Partners presently has a consensus rating of “Hold” and an average price target of $27.40.
Crestwood Equity Partners Profile
Crestwood Equity Partners LP is a holding company and a master limited partnership (MLP). The Company develops, acquires, owns or controls, and operates assets and operations within the energy midstream sector. The Company’s segments include gathering and processing (G&P), which includes its natural gas, crude oil and produced water G&P operations; storage and transportation, which includes its natural gas and crude oil storage and transportation operations, and marketing, supply and logistics, which includes its natural gas liquid (NGL) supply and logistics business, crude oil storage and rail loading facilities and fleet, and salt production business.
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