Todays Report: The Rice Midstream Partners LP (RMP) Stake Increased by Spirit of America Management Corp NY

The Rice Midstream Partners LP (RMP) Stake Increased by Spirit of America Management Corp NY

Spirit of America Management Corp NY increased its stake in Rice Midstream Partners LP (NYSE:RMP) by 9.8% during the third quarter, Holdings Channel reports. The firm owned 925,392 shares of the company’s stock after buying an additional 82,600 shares during the period. Rice Midstream Partners makes up about 2.9% of Spirit of America Management Corp NY’s holdings, making the stock its largest position. Spirit of America Management Corp NY’s holdings in Rice Midstream Partners were worth $22,450,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Creative Planning bought a new position in Rice Midstream Partners during the second quarter valued at approximately $112,000. Janney Montgomery Scott LLC bought a new position in Rice Midstream Partners during the second quarter valued at approximately $185,000. BNP Paribas Arbitrage SA raised its position in Rice Midstream Partners by 10.4% in the second quarter. BNP Paribas Arbitrage SA now owns 12,128 shares of the company’s stock valued at $248,000 after buying an additional 1,144 shares during the period. Global X Management Co. LLC bought a new position in Rice Midstream Partners during the second quarter valued at approximately $255,000. Finally, State Street Corp raised its position in Rice Midstream Partners by 3.9% in the first quarter. State Street Corp now owns 26,293 shares of the company’s stock valued at $391,000 after buying an additional 983 shares during the period. 94.44% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Rice Midstream Partners LP (NYSE:RMP) traded down 1.28% during midday trading on Friday, hitting $22.44. The stock had a trading volume of 204,996 shares. The firm has a market cap of $1.82 billion, a PE ratio of 17.46 and a beta of 1.35. The firm has a 50-day moving average of $22.34 and a 200 day moving average of $19.29. Rice Midstream Partners LP has a 12-month low of $8.40 and a 12-month high of $24.30.

Rice Midstream Partners (NYSE:RMP) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.12. The business had revenue of $46.55 million for the quarter, compared to analyst estimates of $39.23 million. Rice Midstream Partners had a return on equity of 15.87% and a net margin of 57.23%. The firm’s revenue for the quarter was up 63.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 EPS. On average, analysts expect that Rice Midstream Partners LP will post ($0.13) earnings per share for the current year.

Several research firms recently commented on RMP. Zacks Investment Research lowered Rice Midstream Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, July 20th. Goldman Sachs Group Inc. lowered Rice Midstream Partners from a “buy” rating to a “not rated” rating in a research report on Wednesday, September 28th. Barclays PLC upped their target price on Rice Midstream Partners from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Monday, August 8th. Howard Weil upped their target price on Rice Midstream Partners from $27.00 to $29.00 and gave the company a “sector outperform” rating in a research report on Tuesday. Finally, Mitsubishi UFJ Financial Group reaffirmed an “overweight” rating on shares of Rice Midstream Partners in a research report on Thursday, September 1st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $22.00.

Rice Midstream Partners Company Profile

Rice Midstream Partners LP owns, operates, develops and acquires midstream assets in the Appalachian Basin. The Company operates in two segments: gathering and compression, and water services. The gathering and compression segment provides natural gas gathering and compression services for Rice Energy Inc (Rice Energy) and third parties in the Appalachian Basin.

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