* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Competitive Comparison of CNX Midstream Partners LP's Piotroski F-Score
For the Oil & Gas Midstream subindustry, CNX Midstream Partners LP's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CNX Midstream Partners LP's Piotroski F-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, CNX Midstream Partners LP's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where CNX Midstream Partners LP's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
CNX Midstream Partners LP's current Net Income (TTM) was 170.2.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
CNX Midstream Partners LP's current Cash Flow from Operations (TTM) was 178.0.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
CNX Midstream Partners LP's return on assets of this year was 0.15096261. CNX Midstream Partners LP's return on assets of last year was 0.19295581.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
CNX Midstream Partners LP's gearing of this year was 0.59241681. CNX Midstream Partners LP's gearing of last year was 0.63341427.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
CNX Midstream Partners LP's current ratio of this year was 0.33117377. CNX Midstream Partners LP's current ratio of last year was 0.39143602.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
CNX Midstream Partners LP's number of shares in issue this year was 92.817. CNX Midstream Partners LP's number of shares in issue last year was 63.755.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
CNX Midstream Partners LP's gross margin of this year was 0.75404231. CNX Midstream Partners LP's gross margin of last year was 0.7584481.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
CNX Midstream Partners LP's asset turnover of this year was 0.26743123. CNX Midstream Partners LP's asset turnover of last year was 0.34442616.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
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Que. 3
+
Que. 4
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Que. 5
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Que. 6
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Que. 7
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Que. 8
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Que. 9
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1
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1
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0
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1
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1
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0
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0
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0
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0
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
CNX Midstream Partners LP has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
CNX Midstream Partners LP Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of CNX Midstream Partners LP's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
CNX Midstream Partners LP (CNX Midstream Partners LP) Business Description
CNX Midstream Partners LP is a US-based limited partnership which is established to own, operate, develop and acquire natural gas gathering and other midstream energy assets. The company's assets include natural gas gathering pipelines and compression and dehydration facilities, as well as condensate gathering, collection, separation, and stabilization facilities. CONE operates through two segments i.e. Anchor Systems, and Additional Systems. The Anchor Systems includes three primary midstream systems i.e. the McQuay System, the Majorsville System, and the Mamont System. The Additional Systems include several gathering systems which are located in the wet gas regions. It generates maximum revenue from Anchor Systems.
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