Bank of Montreal Can raised its stake in BP Midstream Partners LP (NYSE:BPMP) by 84.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 143,949 shares of the company’s stock after purchasing an additional 65,866 shares during the period. Bank of Montreal Can’s holdings in BP Midstream Partners were worth $2,706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of BPMP. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in BP Midstream Partners in the second quarter valued at about $36,447,000. ING Groep NV purchased a new position in BP Midstream Partners in the second quarter valued at about $35,683,000. Marshall Wace LLP purchased a new position in BP Midstream Partners in the second quarter valued at about $1,976,000. Spirit of America Management Corp NY grew its stake in BP Midstream Partners by 172.4% in the third 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 during the last quarter. Finally, Tortoise Capital Advisors L.L.C. grew its stake in BP Midstream Partners by 1.1% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,064,549 shares of the company’s stock valued at $148,285,000 after purchasing an additional 77,585 shares during the last quarter. Institutional investors own 51.23% of the company’s stock.
BPMP has been the topic of several analyst reports. Mitsubishi UFJ Financial Group upgraded BP Midstream Partners from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $23.00 to $25.00 in a research note on Friday, August 10th. Zacks Investment Research upgraded BP Midstream Partners from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Thursday, October 25th. JPMorgan Chase & Co. cut their target price 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. Barclays cut their target price on BP Midstream Partners from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Friday, October 12th. Finally, ValuEngine lowered BP Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, August 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. BP Midstream Partners presently has a consensus rating of “Hold” and an average target price of $21.90.
Shares of BPMP stock opened at $16.88 on Wednesday. BP Midstream Partners LP has a fifty-two week low of $16.83 and a fifty-two week high of $23.00. The stock has a market cap of $1.88 billion and a PE ratio of 80.38.
BP Midstream Partners (NYSE:BPMP) last issued its quarterly earnings results on Thursday, August 9th. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.03. BP Midstream Partners had a return on equity of 20.65% and a net margin of 85.62%. The business had revenue of $28.94 million for the quarter, compared to analyst estimates of $27.40 million. The business’s revenue was up 7.6% compared to the same quarter last year. As a group, research analysts forecast that BP Midstream Partners LP will post 1.24 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be paid a dividend of $0.292 per share. This is a positive change from BP Midstream Partners’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 6.92%. BP Midstream Partners’s payout ratio is presently 557.14%.
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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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