Rice Midstream Partners LP (RMP) Forms Multiple Top Chart Pattern; Strong Momentum for Buyers Coming

July 18, 2017 - By Ellis Scott

The stock of Rice Midstream Partners LP (RMP) shows a multiple tops pattern with $22.43 target or 7.00 % above today’s $20.96 share price. The 6 months chart pattern indicates low risk for the $2.20 billion company. It was reported on Jul, 18 by Finviz.com. If the $22.43 price target is reached, the company will be worth $154.00M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 2.49% or $0.51 on July 17, reaching $20.96. About shares traded. Rice Midstream Partners LP (NYSE:RMP) has risen 42.06% since July 18, 2016 and is uptrending. It has outperformed by 25.36% the S&P500.

Analysts await Rice Midstream Partners LP (NYSE:RMP) to report earnings on August, 2. They expect $0.34 earnings per share, down 10.53 % or $0.04 from last year’s $0.38 per share. RMP’s profit will be $35.69M for 15.41 P/E if the $0.34 EPS becomes a reality. After $0.36 actual earnings per share reported by Rice Midstream Partners LP for the previous quarter, Wall Street now forecasts -5.56 % negative EPS growth.

Rice Midstream Partners LP (NYSE:RMP) Ratings Coverage

Among 10 analysts covering Rice Midstream Partners (NYSE:RMP), 4 have Buy rating, 0 Sell and 6 Hold. Therefore 40% are positive. Rice Midstream Partners had 23 analyst reports since August 7, 2015 according to SRatingsIntel. Suntrust Robinson downgraded the stock to “Hold” rating in Monday, June 19 report. Goldman Sachs reinitiated Rice Midstream Partners LP (NYSE:RMP) rating on Monday, November 7. Goldman Sachs has “Buy” rating and $30 target. The company was initiated on Thursday, September 1 by Mitsubishi UFJ. The firm has “Outperform” rating by RBC Capital Markets given on Friday, August 7. Howard Weil downgraded the stock to “Sector Perform” rating in Monday, June 26 report. The firm has “Sector Outperform” rating given on Tuesday, December 15 by Howard Weil. Johnson Rice initiated the stock with “Accumulate” rating in Thursday, March 23 report. The stock of Rice Midstream Partners LP (NYSE:RMP) has “Buy” rating given on Thursday, March 17 by Stifel Nicolaus. The firm has “Outperform” rating given on Friday, November 6 by RBC Capital Markets. Mitsubishi UFJ downgraded Rice Midstream Partners LP (NYSE:RMP) on Wednesday, June 21 to “Neutral” rating.

More recent Rice Midstream Partners LP (NYSE:RMP) news were published by: Prnewswire.com which released: “Rice Midstream Partners Announces Timing of Second Quarter 2017 Conference Call” on July 13, 2017. Also Fool.com published the news titled: “EQT Corporation Is About to Become America’s Biggest Natural Gas Producer …” on June 19, 2017. Seekingalpha.com‘s news article titled: “Rice Midstream Partners Should Continue To Grow Despite EQT Acquisition Of …” with publication date: June 30, 2017 was also an interesting one.

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