Zacks Investment Research lowered shares of DCP Midstream (NYSE:DCP) from a hold rating to a strong sell rating in a research note published on Friday morning.
According to Zacks, “DCP Midstream Partners, LP is a midstream master limited partnership that gathers, treats, compresses, processes, transports and markets natural gas and transports and markets natural gas liquids. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by Duke Energy Field Services, a joint venture between Duke Energy and ConocoPhillips. It is a midstream master limited partnership formed by Duke Energy Field Services to own, operate, acquire and develop a diversified portfolio of complementary midstream assets. Supported by its relationship with Duke Energy Field Services and its parents, Duke Energy and ConocoPhillips, it intend to acquire and construct additional assets and have a management team dedicated to executing our growth strategies. “
DCP has been the subject of a number of other reports. Credit Suisse Group reduced their target price on shares of DCP Midstream from $57.00 to $50.00 and set an outperform rating for the company in a report on Tuesday, November 20th. Bank of America set a $46.00 price objective on shares of DCP Midstream and gave the stock a buy rating in a research note on Wednesday, November 7th. Barclays set a $41.00 price objective on shares of DCP Midstream and gave the stock a sell rating in a research note on Friday, October 12th. Morgan Stanley decreased their price objective on shares of DCP Midstream from $42.00 to $41.00 and set an underweight rating for the company in a research note on Friday, November 30th. Finally, Raymond James began coverage on shares of DCP Midstream in a research note on Thursday. They issued an outperform rating and a $36.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. DCP Midstream presently has an average rating of Hold and a consensus price target of $43.08.
NYSE:DCP traded down $0.20 during trading hours on Friday, reaching $31.50. 890,752 shares of the company’s stock were exchanged, compared to its average volume of 904,881. The stock has a market capitalization of $4.65 billion, a price-to-earnings ratio of 59.43 and a beta of 2.28. DCP Midstream has a 12 month low of $24.18 and a 12 month high of $46.67. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 0.65.
DCP Midstream (NYSE:DCP) last issued its earnings results on Monday, November 5th. The pipeline company reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.23). The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $3.16 billion. DCP Midstream had a return on equity of 4.18% and a net margin of 2.76%. The company’s quarterly revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.41) earnings per share. On average, sell-side analysts expect that DCP Midstream will post 0.69 EPS for the current fiscal year.
In related news, Director Fred J. Fowler bought 2,500 shares of the firm’s stock in a transaction on Friday, December 28th. The stock was bought at an average price of $26.10 per share, with a total value of $65,250.00. Following the purchase, the director now directly owns 26,800 shares of the company’s stock, valued at approximately $699,480. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.04% of the company’s stock.
Several large investors have recently modified their holdings of DCP. Russell Investments Group Ltd. acquired a new stake in shares of DCP Midstream during the 2nd quarter valued at $174,000. Advisors Asset Management Inc. acquired a new stake in shares of DCP Midstream during the 2nd quarter valued at $212,000. GAM Holding AG acquired a new stake in shares of DCP Midstream during the 3rd quarter valued at $331,000. US Bancorp DE raised its holdings in shares of DCP Midstream by 176.9% during the 3rd quarter. US Bancorp DE now owns 10,374 shares of the pipeline company’s stock valued at $411,000 after purchasing an additional 6,627 shares in the last quarter. Finally, Clinton Group Inc. bought a new position in shares of DCP Midstream during the 3rd quarter valued at $438,000. 55.03% of the stock is owned by institutional investors.
About DCP Midstream
DCP Midstream, LP, together with its subsidiaries, owns, operates, acquires, and develops a portfolio of midstream energy assets in the United States. The company operates in two segments, Gathering and Processing, and Logistics and Marketing. The Gathering and Processing segment is involved in gathering, compressing, treating, and processing natural gas; producing and fractionating natural gas liquids (NGLs); and recovering condensate.
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