Barclays Downgrades Penntex Midstream Partners LP to Equal-weight with Price Target $18.00

Brokerage firm Barclays Downgrades its rating on Penntex Midstream Partners LP(NASDAQ:PTXP). In a research note issued to the investors, the brokerage major Raises the price-target to $18.00 per share. The shares have been rated Equal-weight. Previously, the analysts had a Overweight rating on the shares. The rating by Barclays was issued on Jun 20, 2016.

In a different note, On Apr 6, 2016, Citigroup said it Maintains its rating on Penntex Midstream Partners LP. In the research note, the firm Lowers the price-target to $25.00 per share. The shares have been rated ‘Buy’ by the firm. On Mar 30, 2016, JP Morgan said it Downgrades its rating on Penntex Midstream Partners LP. In the research note, the firm Lowers the price-target to $22.00 per share. The shares have been rated ‘Neutral’ by the firm.

Penntex Midstream Partners LP (PTXP) made into the market gainers list on Fridays trading session with the shares advancing 1.73% or 0.27 points. Due to strong positive momentum, the stock ended at $15.9, which is also near the day’s high of $16.15. The stock began the session at $15.13 and the volume stood at 33,041 shares. The 52-week high of the shares is $19.8 and the 52 week low is $8.54. The company has a current market capitalization of $636 M and it has 4,00,02,356 shares in outstanding.

Penntex Midstream Partners LP(PTXP) last announced its earnings results on May 6, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $17.65M. Analysts had an estimated revenue of $19.96M. Earnings per share were $0.12. Analysts had estimated an EPS of $0.21.

Several Insider Transactions has been reported to the SEC. On Aug 14, 2015, Steven R Jones (officer ) purchased 8,000 shares at $16.16 per share price.Also, On Aug 14, 2015, Robert O Bond (officer ) purchased 5,000 shares at $16.19 per share price.On Aug 14, 2015, Thomas F Karam (director officer ) purchased 20,000 shares at $16.17 per share price, according to the Form-4 filing with the securities and exchange commission.

PennTex Midstream Partners LP is a limited partnership focused on owning operating acquiring and developing midstream energy infrastructure assets in North America. The Company’s Phase I assets include Lincoln Parish Plant which is a 200 million cubic feet per day (MMcf/d) cryogenic natural gas processing plant located near Arcadia with on-site NGL storage and truck loading facilities; PennTex Gathering Pipeline which is a 35-mile natural gas gathering system consisting of 30.3 miles of 12 inch pipeline 1.4 miles of 20 inch pipeline and 3.1 miles of 24 inch pipeline that provides producers access to its processing plants and to the Minden Plant with available capacity of 400 MMcf/d to its processing plants and 50 MMcf/d to the Minden Plant and PennTex Residue Gas Pipeline which is a one mile 24 inch residue natural gas header with 400 MMcf/d of capacity that provides market access for residue natural gas from the Lincoln Parish Plant for delivery to third-party pipelines.

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