CIBC Private Wealth Group LLC raised its stake in DCP Midstream, LP (NYSE:DCP – Get Rating) by 929.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 951,593 shares of the pipeline company’s stock after buying an additional 859,112 shares during the period. CIBC Private Wealth Group LLC’s holdings in DCP Midstream were worth $35,751,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC purchased a new position in DCP Midstream in the second quarter valued at about $44,000. Loomis Sayles & Co. L P purchased a new position in DCP Midstream in the first quarter valued at about $48,000. CWM LLC increased its holdings in DCP Midstream by 104.7% in the third quarter. CWM LLC now owns 2,098 shares of the pipeline company’s stock valued at $79,000 after buying an additional 1,073 shares in the last quarter. American National Insurance Co. purchased a new position in DCP Midstream in the first quarter valued at about $235,000. Finally, V Wealth Advisors LLC purchased a new position in DCP Midstream in the third quarter valued at about $243,000. 35.49% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the stock. Mizuho cut shares of DCP Midstream from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $45.00 to $42.00 in a research note on Thursday, January 12th. StockNews.com assumed coverage on shares of DCP Midstream in a research note on Friday, March 10th. They set a “buy” rating for the company. US Capital Advisors cut shares of DCP Midstream from an “overweight” rating to a “hold” rating in a research note on Tuesday, January 31st. Finally, Raymond James cut shares of DCP Midstream from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 9th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, DCP Midstream has an average rating of “Hold” and a consensus target price of $41.50.
DCP Midstream Stock Up 0.1 %
DCP Midstream (NYSE:DCP – Get Rating) last released its earnings results on Wednesday, February 8th. The pipeline company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.04 by $0.09. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $2.03 billion. DCP Midstream had a net margin of 7.02% and a return on equity of 21.64%. DCP Midstream’s revenue for the quarter was down 12.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.44 EPS. As a group, sell-side analysts expect that DCP Midstream, LP will post 5.05 EPS for the current year.
DCP Midstream Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Friday, February 3rd were paid a $0.43 dividend. The ex-dividend date was Thursday, February 2nd. This represents a $1.72 annualized dividend and a yield of 4.12%. DCP Midstream’s payout ratio is currently 36.44%.
DCP Midstream Profile
DCP Midstream LP engages in the business of gathering, compressing, treating, processing, transporting, storing, and selling natural gas. It operates through the Logistics and Marketing and Gathering and Processing segments. The Logistics and Marketing segment includes transporting, trading, marketing, and storing natural gas and NGLs and fractionating NGLs.
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