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Snatch CMLP Even Cheaper Than Its Secondary?

By Market News Video Staff, Thursday, March 21, 10:08 AM ET
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Looking back to 2 days ago, Crestwood Midstream Partners LP (CMLP) priced a 4,500,000 share secondary stock offering at $23.90 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time. In trading on Thursday, bargain hunters could buy shares of CMLP and achieve a cost basis even cheaper than those buyers, with shares changing hands as low as $23.82 per share.

Secondaries can often present buying opportunities for bullish investors interested in purchasing shares, because the sudden extra supply of stock tends to require that the offering be priced at an attractive discount to where the stock had previously been trading before the offering announcement. At last check, Crestwood Midstream Partners LP shares are currently trading trading flat on the day. The chart below shows the one year performance of CMLP shares, versus its 200 day moving average:

Crestwood Midstream Partners LP Chart

Looking at the chart above, CMLP's low point in its 52 week range is $19.90 per share, with $29.24 as the 52 week high point that compares with a last trade of $23.88.

The current annualized dividend paid by Crestwood Midstream Partners LP is $2.04/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 01/29/2013. Below is a long-term dividend history chart for CMLP, which can be of good help in judging whether the most recent dividend with approx. 8.6% annualized yield is likely to continue.

CMLP makes up 3.26% of the Global X Junior MLP ETF (AMEX:MLPJ)

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