BP Midstream Partners (BPMP) Downgraded to Sell at ValuEngine

ValuEngine downgraded shares of BP Midstream Partners (NYSE:BPMP) from a hold rating to a sell rating in a report released on Tuesday morning.

BPMP has been the subject of several other reports. Zacks Investment Research upgraded shares of BP Midstream Partners from a hold rating to a buy rating and set a $22.00 target price for the company in a research report on Friday, October 5th. Credit Suisse Group initiated coverage on shares of BP Midstream Partners in a research report on Thursday, October 11th. They issued an underperform rating and a $18.00 target price for the company. Barclays dropped their target price on shares of BP Midstream Partners from $22.00 to $21.00 and set an equal weight rating for the company in a research report on Friday, October 12th. Bank of America dropped their target price on shares of BP Midstream Partners from $22.00 to $21.00 and set a neutral rating for the company in a research report on Friday, October 5th. Finally, Mitsubishi UFJ Financial Group upgraded shares of BP Midstream Partners from a neutral rating to an overweight rating and upped their price objective for the stock from $23.00 to $25.00 in a research report on Friday, August 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $21.90.

Shares of NYSE:BPMP opened at $16.88 on Tuesday. The company has a market capitalization of $1.88 billion and a PE ratio of 80.38. BP Midstream Partners has a 12 month low of $16.83 and a 12 month high of $23.00.

BP Midstream Partners (NYSE:BPMP) last issued its earnings results on Thursday, August 9th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. The company had revenue of $28.94 million during the quarter, compared to analysts’ expectations of $27.40 million. BP Midstream Partners had a net margin of 85.62% and a return on equity of 20.65%. The firm’s revenue was up 7.6% compared to the same quarter last year. Sell-side analysts predict that BP Midstream Partners will post 1.24 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be given a dividend of $0.292 per share. This represents a $1.17 dividend on an annualized basis and a yield of 6.92%. This is a boost from BP Midstream Partners’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Wednesday, October 31st. BP Midstream Partners’s dividend payout ratio is currently 557.14%.

Hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its holdings in BP Midstream Partners by 84.4% during the 3rd quarter. Bank of Montreal Can now owns 143,949 shares of the company’s stock worth $2,706,000 after acquiring an additional 65,866 shares during the last quarter. Spirit of America Management Corp NY grew its holdings in BP Midstream Partners by 172.4% during the 3rd quarter. Spirit of America Management Corp NY now owns 124,196 shares of the company’s stock worth $2,335,000 after acquiring an additional 78,600 shares during the last quarter. Marshall Wace LLP bought a new stake in BP Midstream Partners during the 2nd quarter worth approximately $1,976,000. Bank of America Corp DE grew its holdings in BP Midstream Partners by 54.1% during the 2nd quarter. Bank of America Corp DE now owns 13,070 shares of the company’s stock worth $274,000 after acquiring an additional 4,589 shares during the last quarter. Finally, ING Groep NV bought a new stake in BP Midstream Partners during the 2nd quarter worth approximately $35,683,000. Institutional investors and hedge funds own 51.23% of the company’s stock.

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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