Multiple Firms Bullish On CONE Midstream Shares Following Lockup Expiration

Shares of CONE Midstream Partners LP CNNX are trending higher in Monday’s session as the lockup period for the shares has expired.

Following the lockup expiration, analysts at several firms initiated coverage on shares CONE Midstream Partners LP:

• Citi Research: Neutral rating; $30 price target. Analysts feel investors will benefit from strong distribution growth but modest price appreciation.
• Baird: Outperform rating; $31 price target.
• JP Morgan: Neutral rating; $31 price target.
• Goldman Sachs: Neutral rating; $31 price target.
• Credit Suisse: Outperform rating; $35 price target. Edwards outlined, “CNNX generates fixed-fee cash flows backed by long-term gathering agreements with its sponsors. It had zero debt at IPO, and we expect leverage to trend towards 3x in the long term. A healthy balance sheet will make it easier for CNNX to fund organic capex and dropdowns.”
• RBC Capital: Outperform rating $35 price target.
• Wells Fargo: Outperform rating.

Shares of CONE Midstream recently traded at $27.39 up 1.33 percent.