Is Buying Stock Like Rice Midstream Partners LP (RMP) After This Multiple Top Chart Pattern a Winning Strategy?

July 18, 2017 - By Louis Casey

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.

Investors wait Rice Midstream Partners LP (NYSE:RMP) to report on August, 2. its quarterly earnings Wall Street analysts expect $0.34 EPS, down $0.04 or 10.53 % from last year’s $0.38 same quarter earnings. This translates into $35.69 million profit for RMP giving the stock a 15.41 P/E. This is assuming the current $0.34 EPS is accurate. Rice Midstream Partners LP’s Wall Street analysts see -5.56 % negative EPS growth, taking into account the $0.36 EPS reproted in the previous quarter,

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. Stifel Nicolaus initiated the shares of RMP in report on Thursday, March 17 with “Buy” rating. The firm has “Buy” rating given on Friday, May 6 by Stifel Nicolaus. As per Tuesday, October 11, the company rating was maintained by Howard Weil. As per Thursday, September 1, the company rating was initiated by Mitsubishi UFJ. The firm earned “Sector Outperform” rating on Tuesday, December 15 by Howard Weil. Howard Weil downgraded the shares of RMP in report on Monday, June 26 to “Sector Perform” rating. Zacks upgraded it to “Hold” rating and $19 target in Friday, August 28 report. As per Monday, November 7, the company rating was reinitiated by Goldman Sachs. On Monday, August 10 the stock rating was maintained by Roth Capital with “Outperform”. The stock of Rice Midstream Partners LP (NYSE:RMP) has “Not Rated” rating given on Wednesday, September 28 by Goldman Sachs.

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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