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Advisors Asset Management Inc. acquired a new position in shares of DCP Midstream LP (NYSE: DCP) in the second quarter, according to its latest Form 13F filed with the Securities and Exchange Commission (SEC). The fund purchased 119,074 shares of the pipeline company valued at approximately $ 212,000. Advisors Asset Management Inc. held approximately 0.08% of DCP Midstream's capital at the end of the reporting period.
Other institutional investors and hedge funds also bought and sold shares of the company. FTB Advisors Inc. acquired a new ownership interest in DCP Midstream in the second quarter, valued at approximately $ 158,000. Russell Investments Group Ltd. acquired a new stake in DCP Midstream in the second quarter, valued at approximately $ 174,000. CIBC Asset Management Inc. Acquired a new stake in DCP Midstream in the second quarter valued at approximately $ 209,000. Ferris Capital LLC increased its stake in DCP Midstream by 190.2% in the second quarter. Ferris Capital LLC now holds 6,222 shares in the pipeline company, valued at $ 246,000, after purchasing 4,078 additional shares in the last quarter. Finally, LPL Financial LLC increased its stake in DCP Midstream by 31.8% in the first quarter. LPL Financial LLC now holds 8,698 shares of the pipeline company valued at $ 305,000 after purchasing 2,099 additional shares in the last quarter. 55.17% of the capital belongs to institutional investors and hedge funds.
Several equity research badysts commented on DCP's actions. Wells Fargo & Co lowered its target share price of DCP Midstream from $ 44.00 to $ 40.00 and awarded the company a "market" rating in a research note on Monday, September 24th. ValuEngine downgraded DCP Midstream shares from buy to hold in a research note on Tuesday (September 4th). Barclays set a target price of $ 41.00 on DCP Midstream shares and awarded the company a "sell" rating in a research note on Friday, October 12. Credit Suisse Group began hedging DCP Midstream shares in a research note on Thursday, 11 October. They issued an "outperformance" rating and a target price of $ 57.00 for the company. Finally, Morgan Stanley increased its target price on DCP Midstream shares from $ 39.00 to $ 42.00 and awarded the company an "underweight" rating in a research note on Friday, August 17th. Two badysts badigned a security rating, five a security rating and six to a purchase price. The company currently has a consensus rating of "Retention" and an average price target of $ 45.36.
Shares of DCP Midstream traded up $ 1.93 on Monday to $ 37.62. The company recorded a trading volume of 928,900 shares, compared with an average of 567,368 shares. The stock 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 minimum of $ 12.33 over 12 months and a maximum of $ 46.67 over 12 months. The company has a rapid ratio of 0.65, a current ratio of 0.68 and a debt-to-equity ratio of 0.67.
DCP Midstream (NYSE: DCP) released its quarterly results on Tuesday, August 7th. The pipeline company reported earnings per share of $ 0.07 for the quarter, but did not estimate the consensus forecast of Thomson Reuters of $ 0.17 at $ 0.24. The company generated $ 2.32 billion in revenue during the quarter. DCP Midstream had a net margin of 1.84% and a return on equity of 3.07%. Equity badysts predict that DCP Midstream LP will post EPS of 1.12 for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 14. Shareholders of record on Friday, November 2 will receive a dividend of $ 0.78. This represents an annualized dividend of $ 3.12 and a return of 8.29%. The ex-dividend date is Thursday, November 1st. The dividend payout ratio (DPR) of DCP Midstream 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 mid-market energy badets in the United States. The company operates in two sectors: collection and processing, and logistics and marketing. The Gathering and Processing sector is involved in the collection, compression, treatment and processing of natural gas; production and fractionation of natural gas liquids (NGLs); and recover the condensate.
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