Moody National Bank Trust Division boosted its position in shares of DCP Midstream LP (NYSE:DCP) by 46.5% during the third quarter, HoldingsChannel.com reports. The firm owned 14,800 shares of the pipeline company’s stock after buying an additional 4,700 shares during the quarter. Moody National Bank Trust Division’s holdings in DCP Midstream were worth $586,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Ballentine Partners LLC raised its stake in DCP Midstream by 48.7% during the third quarter. Ballentine Partners LLC now owns 35,212 shares of the pipeline company’s stock worth $1,394,000 after purchasing an additional 11,533 shares during the period. Russell Investments Group Ltd. raised its stake in shares of DCP Midstream by 343.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 19,500 shares of the pipeline company’s stock valued at $772,000 after acquiring an additional 15,100 shares during the period. Alps Advisors Inc. raised its stake in shares of DCP Midstream by 6.2% in the 3rd quarter. Alps Advisors Inc. now owns 7,967,645 shares of the pipeline company’s stock valued at $315,439,000 after acquiring an additional 465,876 shares during the period. State of New Jersey Common Pension Fund D raised its stake in shares of DCP Midstream by 19.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 148,400 shares of the pipeline company’s stock valued at $5,875,000 after acquiring an additional 23,700 shares during the period. Finally, Clinton Group Inc. purchased a new stake in shares of DCP Midstream in the 3rd quarter valued at approximately $438,000. 55.17% of the stock is currently owned by institutional investors.
DCP has been the topic of a number of research analyst reports. Bank of America reduced their price target on shares of DCP Midstream from $48.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, October 1st. Morgan Stanley boosted their price target on shares of DCP Midstream from $39.00 to $42.00 and gave the company an “underweight” rating in a research note on Friday, August 17th. ValuEngine raised shares of DCP Midstream from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Wells Fargo & Co reduced their price target on shares of DCP Midstream from $44.00 to $40.00 and set a “market perform” rating on the stock in a research note on Monday, September 24th. Finally, Barclays set a $41.00 price target on shares of DCP Midstream and gave the company a “sell” rating in a research note on Friday, October 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $45.36.
DCP Midstream stock opened at $37.62 on Tuesday. The company has a market capitalization of $5.11 billion, a PE ratio of 70.98 and a beta of 2.27. DCP Midstream LP has a 1 year low of $32.33 and a 1 year high of $46.67. The company has a current ratio of 0.68, a quick ratio of 0.65 and a debt-to-equity ratio of 0.67.
DCP Midstream (NYSE:DCP) last announced its earnings results on Monday, November 5th. The pipeline company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.23). DCP Midstream had a return on equity of 3.07% and a net margin of 1.84%. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the company earned ($0.41) earnings per share. DCP Midstream’s quarterly revenue was up 34.3% on a year-over-year basis. On average, research analysts forecast that DCP Midstream LP will post 1.12 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Friday, November 2nd will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 8.29%. The ex-dividend date is Thursday, November 1st. DCP Midstream’s payout ratio is currently 588.68%.
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DCP Midstream Profile
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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