American Midstream Partners, LP (NYSE:AMID) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of American Midstream Partners, LP (NYSE:AMID) from a sell rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstreams assets are strategically located in some of the most prolific onshore and offshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 4,000 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 80 MBbl/d of crude oil and 200 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity. The Partnership owns the third largest cylinder exchange business and one of the largest regional retail propane providers. “
A number of other research analysts also recently commented on the company. ValuEngine downgraded American Midstream Partners, from a hold rating to a sell rating in a research note on Friday, June 2nd. Royal Bank Of Canada reaffirmed a buy rating and issued a $18.00 price target on shares of American Midstream Partners, in a research note on Monday, July 24th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $18.67.
Shares of American Midstream Partners, (NYSE AMID) traded up 1.81% during trading on Tuesday, hitting $14.05. 78,475 shares of the stock were exchanged. American Midstream Partners, has a 1-year low of $11.10 and a 1-year high of $18.45. The firm’s 50-day moving average is $13.28 and its 200 day moving average is $14.57. The company’s market cap is $735.08 million.
American Midstream Partners, (NYSE:AMID) last announced its earnings results on Tuesday, August 8th. The pipeline company reported ($0.72) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.39. The firm had revenue of $193.63 million for the quarter. Equities analysts forecast that American Midstream Partners, will post ($1.71) earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, August 7th will be paid a $0.412 dividend. This represents a $1.65 dividend on an annualized basis and a yield of 11.94%. The ex-dividend date is Thursday, August 3rd.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Atlantic Trust Group LLC increased its position in American Midstream Partners, by 194.6% in the first quarter. Atlantic Trust Group LLC now owns 920,095 shares of the pipeline company’s stock worth $13,663,000 after buying an additional 607,799 shares during the period. Massachusetts Financial Services Co. MA bought a new position in American Midstream Partners, during the first quarter worth approximately $7,014,000. Clearbridge Investments LLC bought a new position in American Midstream Partners, during the first quarter worth approximately $6,517,000. HITE Hedge Asset Management LLC increased its position in American Midstream Partners, by 97.1% in the first quarter. HITE Hedge Asset Management LLC now owns 665,069 shares of the pipeline company’s stock worth $9,876,000 after buying an additional 327,672 shares during the period. Finally, OppenheimerFunds Inc. increased its position in American Midstream Partners, by 5.2% in the first quarter. OppenheimerFunds Inc. now owns 5,798,609 shares of the pipeline company’s stock worth $86,109,000 after buying an additional 284,188 shares during the period. 44.69% of the stock is owned by institutional investors and hedge funds.
About American Midstream Partners,
American Midstream Partners, LP owns, operates, develops and acquires a portfolio of midstream energy assets. The Company provides midstream infrastructure that links producers of natural gas, crude oil, natural gas liquids (NGLs), condensate and specialty chemicals to numerous intermediate and end-use markets.
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