Advisors Asset Management Inc. acquired a new stake in DCP Midstream LP (NYSE:DCP) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,356 shares of the pipeline company’s stock, valued at approximately $212,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. LPL Financial LLC grew its position in DCP Midstream by 31.8% in the 1st quarter. LPL Financial LLC now owns 8,698 shares of the pipeline company’s stock worth $305,000 after purchasing an additional 2,099 shares in the last quarter. Royal Bank of Canada grew its position in DCP Midstream by 15.9% in the 1st quarter. Royal Bank of Canada now owns 29,422 shares of the pipeline company’s stock worth $1,033,000 after purchasing an additional 4,036 shares in the last quarter. Allianz Asset Management GmbH grew its position in DCP Midstream by 28.5% in the 1st quarter. Allianz Asset Management GmbH now owns 38,204 shares of the pipeline company’s stock worth $1,342,000 after purchasing an additional 8,466 shares in the last quarter. Ballentine Partners LLC grew its position in DCP Midstream by 13.1% in the 2nd quarter. Ballentine Partners LLC now owns 23,679 shares of the pipeline company’s stock worth $937,000 after purchasing an additional 2,739 shares in the last quarter. Finally, Perella Weinberg Partners Capital Management LP purchased a new position in DCP Midstream in the second quarter valued at about $3,456,000. Institutional investors own 55.17% of the company’s stock.
A number of research analysts have weighed in on DCP shares. Bank of America dropped their target price 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. Zacks Investment Research upgraded shares of DCP Midstream from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Wednesday, July 18th. ValuEngine upgraded shares of DCP Midstream from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Stifel Nicolaus upgraded shares of DCP Midstream from a “hold” rating to a “buy” rating and boosted their target price for the company from $42.00 to $51.00 in a research note on Monday, August 13th. Finally, Wells Fargo & Co dropped their target price 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $45.55.
DCP opened at $38.75 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 73.11 and a beta of 2.27. DCP Midstream LP has a twelve month low of $32.33 and a twelve month high of $46.67.
DCP Midstream (NYSE:DCP) last announced its quarterly earnings results on Monday, November 5th. The pipeline company reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.23). The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $3.16 billion. DCP Midstream had a net margin of 2.76% and a return on equity of 4.18%. The business’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.41) earnings per share. As a group, research analysts anticipate that DCP Midstream LP will post 1.12 earnings per share for the current fiscal year.
The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 8.05%. The ex-dividend date of this dividend 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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