Crestwood Equity Partners LP (NYSE: CEQP) Volatility Spurs A Quest For Clarity

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ALPS Advisors, Inc. recently announced the acquisition of new stake in Crestwood Equity Partners LP (NYSE:CEQP). The institutional investor has increased its shareholding in the Energy company by 8.69% to 6.43 million shares with purchase of 0.51 million shares. This fresh investment now brings its stake to 8.79% valued currently at $84.3 million. In addition, Harvest Fund Advisors LLC raised its holdings by 0.73 million to 3.25 million shares. And Cushing Asset Management LP has lifted its position by 7.08% or 0.12 million shares – to 1.8 million shares.

With over 0.86 million Crestwood Equity Partners LP (CEQP) shares trading Thursday and a closing price of $12.31 on the day, the dollar volume was approximately $10.6 million. The shares have shown a positive weekly performance of 13.56% and its price on 07/16/20 lost nearly -0.81%. Currently, there are 72.90M common shares owned by the public and among those 50.44M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for CEQP have a consensus price objective of $12.60. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $7.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Crestwood Equity Partners LP stock is 2.50 for the next 12 months. The average price target is 4.5% above its last price level and an upside to the estimated low will see the stock lose -75.86% over that period. But an upside of 27.59% will see the stock hit the forecast high price target while mean target price for the stock is $12.50.

Insiders at the company have transacted a total of 40 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 758,084 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 298,645 shares.

The top 3 mutual fund holders in Crestwood Equity Partners LP are Alerian MLP ETF, Global X MLP ETF, and Nuveen Energy MLP Total Return Fu. Alerian MLP ETF owns 6.04 million shares of the company’s stock, all valued at over $79.24 million. Nuveen Energy MLP Total Return Fu now owns shares totaling to 1.18% of the shares outstanding.

Shares of Crestwood Equity Partners LP (NYSE: CEQP) opened at $12.39, down -$0.02 from a prior closing price of $12.41. However, the script later closed the day at $12.31, down -0.81%. The company’s stock has a 5-day price change of 13.56% and 102.47% over the past three months. CEQP shares are trading -60.06% year to date (YTD), with the 12-month market performance down to -66.47% lower. It has a 12-month low price of $2.65 and touched a high of $40.00 over the same period. Currently, 0.86 million shares have been traded, compared to an average intraday trading volume of 1.83 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.10%, -8.33%, and -43.02% respectively.

Institutional ownership of Crestwood Equity Partners LP (NYSE: CEQP) shares accounts for 65.50% of the company’s 72.90M shares outstanding. Mutual fund holders own 20.51%, while other institutional holders and individual stakeholders account for 32.12% and 14.71% respectively.

It has a market capitalization of $890.14M and a beta (3y monthly) value of 4.31. The stock’s trailing 12-month PE ratio is 5.82, while the earnings-per-share (ttm) stands at $2.12. The company has a PEG of 1.16 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 1.95. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.67% over the week and 9.49% over the month.

Analysts forecast that Crestwood Equity Partners LP (CEQP) will achieve an EPS of -$0.07 for the current quarter, $0.02 for the next quarter and -$0.01 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.3 while analysts give the company a high EPS estimate of $0.26. Comparatively, EPS for the current quarter was $2.76 a year ago. Earnings per share for the fiscal year are expected to decrease by -103.40%, and 90.00% over the next financial year. EPS should grow at an annualized rate of 5.00% over the next five years, compared to -0.80% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Crestwood Equity Partners LP (CEQP) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 6 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the CEQP, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on May 12, 2020, with the firm’s price target at $11. SunTrust coverage for the Crestwood Equity Partners LP (CEQP) stock in a research note released on April 22, 2020 offered a Hold rating with a price target of $8. Barclays was of a view on March 24, 2020 that the stock is Equal Weight, while Raymond James gave the stock Outperform rating on March 12, 2020, issuing a price target of. Barclays on their part issued Overweight rating on January 14, 2020.

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