Zacks Investment Research cut shares of BP Midstream Partners (NYSE:BPMP) from a buy rating to a hold rating in a research note published on Monday.
According to Zacks, “BP Midstream Partners LP is a master limited partnership. It owns, acquires, operates and develops pipelines and other midstream assets. The Company provides crude oil, natural gas and refined products. It offers an onshore crude oil, refined, and diluent pipeline systems. BP Midstream Partners LP is based in Houston, Texas. “
Other analysts have also recently issued research reports about the company. ValuEngine upgraded BP Midstream Partners from a sell rating to a hold rating in a research report on Monday, August 20th. JPMorgan Chase & Co. decreased their price target on BP Midstream Partners from $25.00 to $24.00 and set an overweight rating on the stock in a research note on Friday, August 24th. Morgan Stanley raised their price target on BP Midstream Partners from $22.00 to $23.00 and gave the stock an equal weight rating in a research note on Friday, August 24th. Mitsubishi UFJ Financial Group raised BP Midstream Partners from a neutral rating to an overweight rating and raised their price target for the stock from $23.00 to $25.00 in a research note on Friday, August 10th. Finally, UBS Group raised their price target on BP Midstream Partners from $24.00 to $25.00 and gave the stock a buy rating in a research note on Friday, August 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $21.90.
BP Midstream Partners stock opened at $18.31 on Monday. The stock has a market cap of $1.93 billion and a P/E ratio of 87.19. BP Midstream Partners has a 52 week low of $16.83 and a 52 week high of $23.00.
BP Midstream Partners (NYSE:BPMP) last posted its quarterly earnings data on Thursday, August 9th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $28.94 million during the quarter, compared to analysts’ expectations of $27.40 million. BP Midstream Partners had a return on equity of 20.65% and a net margin of 85.62%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, analysts expect that BP Midstream Partners will post 1.24 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be paid a $0.292 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 6.38%. This is a positive change from BP Midstream Partners’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, October 31st. BP Midstream Partners’s dividend payout ratio (DPR) is presently 519.05%.
A number of large investors have recently modified their holdings of the business. Bank of Montreal Can boosted its stake in BP Midstream Partners by 84.4% in the 3rd quarter. Bank of Montreal Can now owns 143,949 shares of the company’s stock worth $2,706,000 after buying an additional 65,866 shares during the last quarter. Spirit of America Management Corp NY lifted its stake in shares of BP Midstream Partners by 172.4% in the 3rd quarter. Spirit of America Management Corp NY now owns 124,196 shares of the company’s stock valued at $2,335,000 after purchasing an additional 78,600 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of BP Midstream Partners in the 2nd quarter valued at about $1,976,000. Bank of America Corp DE lifted its stake in shares of BP Midstream Partners by 54.1% in the 2nd quarter. Bank of America Corp DE now owns 13,070 shares of the company’s stock valued at $274,000 after purchasing an additional 4,589 shares in the last quarter. Finally, ING Groep NV acquired a new position in shares of BP Midstream Partners in the 2nd quarter valued at about $35,683,000. 51.26% of the stock is currently owned by hedge funds and other institutional investors.
BP Midstream Partners Company Profile
BP Midstream Partners LP owns, acquires, operates, and develops pipelines and other midstream assets. It owns an onshore crude oil pipeline system, onshore refined products pipeline system, onshore diluent pipeline system, and offshore natural gas pipeline system, as well as interests in four offshore crude oil pipeline systems located in the United States.
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