Zacks Investment Research lowered shares of DCP Midstream (NYSE:DCP) from a strong-buy rating to a hold rating in a report released on Monday.
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. “
A number of other equities research analysts have also weighed in on DCP. Credit Suisse Group assumed coverage on shares of DCP Midstream in a report on Thursday, January 4th. They set a neutral rating and a $36.00 price objective for the company. Stifel Nicolaus set a $39.00 price objective on shares of DCP Midstream and gave the company a buy rating in a report on Monday, December 18th. Finally, R. F. Lafferty assumed coverage on shares of DCP Midstream in a report on Thursday, October 5th. They set a buy rating and a $38.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $38.58.
Shares of DCP Midstream (DCP) traded up $2.16 on Monday, reaching $41.56. 982,043 shares of the company were exchanged, compared to its average volume of 533,476. DCP Midstream has a one year low of $29.70 and a one year high of $42.45. The company has a market cap of $5,960.00, a price-to-earnings ratio of 58.54 and a beta of 2.10. The company has a quick ratio of 0.70, a current ratio of 0.73 and a debt-to-equity ratio of 0.67.
In other DCP Midstream news, VP Brent L. Backes bought 150 shares of the business’s stock in a transaction on Monday, November 20th. The shares were acquired at an average price of $1,000.00 per share, with a total value of $150,000.00. Following the transaction, the vice president now owns 150 shares of the company’s stock, valued at approximately $150,000. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Kempen Wouter T. Van bought 750 shares of the business’s stock in a transaction on Monday, November 20th. The shares were acquired at an average cost of $1,000.00 per share, for a total transaction of $750,000.00. Following the transaction, the chief executive officer now directly owns 750 shares in the company, valued at approximately $750,000. The disclosure for this purchase can be found here. Insiders have acquired a total of 950 shares of company stock worth $950,000 in the last three months. Insiders own 0.04% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company purchased a new position in DCP Midstream during the 2nd quarter valued at about $119,000. Salem Investment Counselors Inc. purchased a new position in DCP Midstream during the 2nd quarter valued at about $135,000. QS Investors LLC purchased a new position in DCP Midstream during the 2nd quarter valued at about $167,000. Sei Investments Co. purchased a new position in DCP Midstream during the 2nd quarter valued at about $179,000. Finally, Abbot Financial Management Inc. purchased a new position in shares of DCP Midstream in the 2nd quarter worth approximately $200,000. 54.88% of the stock is currently owned by institutional investors and hedge funds.
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DCP Midstream Company Profile
DCP Midstream, LP, formerly DCP Midstream Partners, LP, is a producer and marketer of natural gas liquids (NGLs) in the United States. The Company is engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and recovering, and selling condensate, and transporting, storing and selling propane in wholesale markets.
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