Citigroup Downgrades Crestwood Equity Partners

Fintel reports that on August 3, 2023, Citigroup downgraded their outlook for Crestwood Equity Partners LP – Unit (NYSE:CEQP) from Buy to Neutral.

Analyst Price Forecast Suggests 12.58% Upside

As of August 2, 2023, the average one-year price target for Crestwood Equity Partners LP – Unit is 30.60. The forecasts range from a low of 26.26 to a high of $33.60. The average price target represents an increase of 12.58% from its latest reported closing price of 27.18.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Crestwood Equity Partners LP – Unit is 6,257MM, an increase of 19.11%. The projected annual non-GAAP EPS is 1.83.

What is the Fund Sentiment?

There are 200 funds or institutions reporting positions in Crestwood Equity Partners LP – Unit. This is a decrease of 10 owner(s) or 4.76% in the last quarter. Average portfolio weight of all funds dedicated to CEQP is 0.52%, a decrease of 27.33%. Total shares owned by institutions decreased in the last three months by 3.71% to 83,929K shares. The put/call ratio of CEQP is 0.48, indicating a bullish outlook.

What are Other Shareholders Doing?

Alps Advisors holds 12,480K shares representing 11.86% ownership of the company. In it’s prior filing, the firm reported owning 12,335K shares, representing an increase of 1.16%. The firm decreased its portfolio allocation in CEQP by 5.38% over the last quarter.

AMLP – ALERIAN MLP ETF holds 12,218K shares representing 11.61% ownership of the company. In it’s prior filing, the firm reported owning 12,236K shares, representing a decrease of 0.15%. The firm increased its portfolio allocation in CEQP by 8.68% over the last quarter.

First Reserve GP XIII holds 11,276K shares representing 10.71% ownership of the company. No change in the last quarter.

Invesco holds 4,281K shares representing 4.07% ownership of the company. In it’s prior filing, the firm reported owning 1,547K shares, representing an increase of 63.85%. The firm decreased its portfolio allocation in CEQP by 76.79% over the last quarter.

MLPRX – Invesco Oppenheimer SteelPath MLP Income Fund Class C holds 3,717K shares representing 3.53% ownership of the company. In it’s prior filing, the firm reported owning 1,750K shares, representing an increase of 52.92%. The firm increased its portfolio allocation in CEQP by 128.62% over the last quarter.

Crestwood Equity Partners Background Information
(This description is provided by the company.)

Houston, Texas, based Crestwood Equity Partners LP is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood Equity is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water.

This article originally appeared on Fintel