Zacks Investment Research Downgrades SemGroup Corp (SEMG) to Hold
SemGroup Corp (NASDAQ:SEMG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “SemGroup Corp provides gathering, transportation, storage, distribution, blending, marketing and other midstream services to producers, refiners of petroleum products and others market participants located in Midwest and Rocky Mountain regions of the United States of America. The Company operates in the pipeline gathering and processing segments of the natural gas midstream industry in the U.S. and Canada. It conducts its business through seven business segments- SemCrude, SemStream, SemLogistics, SemMexico, SemCanada Crude, SemGas and SemCAMS. Its asset base includes pipelines, gathering systems, storage facilities, terminals, processing plants, blending facilities and other distribution assets. It also maintains and operates storage, terminal and marine facilities in the U.K. and operates a network of liquid asphalt cement terminals throughout Mexico. SemGroup Corp is headquartered in Tulsa, Oklahoma. “
A number of other research analysts also recently commented on SEMG. Citigroup Inc. assumed coverage on SemGroup Corp in a report on Thursday, November 3rd. They issued a “neutral” rating and a $34.00 price objective on the stock. Goldman Sachs Group Inc. assumed coverage on SemGroup Corp in a report on Thursday, August 25th. They issued a “buy” rating and a $39.00 price objective on the stock. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.75.
SemGroup Corp (NASDAQ:SEMG) opened at 32.60 on Friday. The company’s 50-day moving average price is $33.35 and its 200 day moving average price is $31.73. The stock’s market capitalization is $2.15 billion. SemGroup Corp has a 12 month low of $13.98 and a 12 month high of $36.64.
SemGroup Corp (NASDAQ:SEMG) last released its quarterly earnings data on Monday, November 7th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by $0.28. The firm earned $327.80 million during the quarter, compared to analyst estimates of $334.93 million. During the same quarter in the prior year, the firm posted $0.11 EPS. The business’s revenue was down 17.5% on a year-over-year basis. On average, analysts forecast that SemGroup Corp will post $0.01 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Friday, November 18th will be given a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.52%.
Several hedge funds have recently made changes to their positions in SEMG. Nationwide Fund Advisors boosted its stake in shares of SemGroup Corp by 3.6% in the second quarter. Nationwide Fund Advisors now owns 29,118 shares of the company’s stock worth $948,000 after buying an additional 1,019 shares during the period. Global X Management Co. LLC boosted its stake in SemGroup Corp by 170.5% in the second quarter. Global X Management Co. LLC now owns 376,175 shares of the company’s stock worth $12,248,000 after buying an additional 237,092 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in SemGroup Corp by 50.5% in the second quarter. JPMorgan Chase & Co. now owns 611,478 shares of the company’s stock worth $19,910,000 after buying an additional 205,196 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in SemGroup Corp during the second quarter worth $5,018,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in SemGroup Corp during the second quarter worth $619,000.
About SemGroup Corp
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