Penntex Midstream Partners LP (NASDAQ:PTXP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $18.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 13.28% from the company’s current price.
According to Zacks, “PennTex Midstream Partners, LP is involved in owning, operating, acquiring and developing midstream energy infrastructure assets primarily in North America. PennTex Midstream Partners, LP is headquartered in Houston, TX. “
PTXP has been the subject of several other research reports. Deutsche Bank AG set a $20.00 price objective on Penntex Midstream Partners and gave the company a “buy” rating in a report on Monday, October 10th. Citigroup Inc. increased their price objective on Penntex Midstream Partners from $18.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, August 10th. Finally, Wunderlich increased their price objective on Penntex Midstream Partners from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $15.18.
Shares of Penntex Midstream Partners (NASDAQ:PTXP) traded down 1.96% during midday trading on Wednesday, reaching $16.00. 23,068 shares of the company’s stock traded hands. Penntex Midstream Partners has a 52-week low of $8.54 and a 52-week high of $18.00. The stock has a 50 day moving average of $16.74 and a 200-day moving average of $16.18.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, November 7th were given a dividend of $0.295 per share. This is a boost from Penntex Midstream Partners’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Thursday, November 3rd. This represents a $1.18 annualized dividend and a yield of 7.43%. Penntex Midstream Partners’s dividend payout ratio (DPR) is presently 203.45%.
In other Penntex Midstream Partners news, major shareholder Mrd Midstream Llc sold 2,127,704 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $17.05, for a total transaction of $36,277,353.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in Penntex Midstream Partners during the second quarter valued at $114,000. Societe Generale bought a new position in shares of Penntex Midstream Partners during the second quarter worth approximately $114,000. JPMorgan Chase & Co. boosted its position in shares of Penntex Midstream Partners by 997.3% in the second quarter. JPMorgan Chase & Co. now owns 13,881 shares of the company’s stock worth $216,000 after buying an additional 12,616 shares during the last quarter. Citigroup Inc. boosted its position in shares of Penntex Midstream Partners by 51.5% in the second quarter. Citigroup Inc. now owns 29,400 shares of the company’s stock worth $458,000 after buying an additional 9,999 shares during the last quarter. Finally, M&T Bank Corp bought a new position in shares of Penntex Midstream Partners during the third quarter worth approximately $870,000. Hedge funds and other institutional investors own 79.28% of the company’s stock.
About Penntex Midstream Partners
PennTex Midstream Partners, LP focuses on owning, operating, acquiring and developing midstream energy infrastructure assets, with an initial focus in northern Louisiana. The Company provides natural gas gathering and processing, and residue gas and natural gas liquids (NGL) transportation services to producers in northern Louisiana primarily focused in the Terryville Complex of the Cotton Valley formation.