First Trust Advisors LP Sells 14,622 Shares of DCP Midstream LP (DCP)
First Trust Advisors LP cut its holdings in DCP Midstream LP (NYSE:DCP) by 7.4% in the 3rd quarter, Holdings Channel reports. The firm owned 181,998 shares of the pipeline company’s stock after selling 14,622 shares during the period. First Trust Advisors LP’s holdings in DCP Midstream were worth $7,205,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the business. Alps Advisors Inc. lifted its stake in DCP Midstream by 5.9% in the second quarter. Alps Advisors Inc. now owns 7,510,182 shares of the pipeline company’s stock worth $272,845,000 after purchasing an additional 420,636 shares during the last quarter. Eagle Global Advisors LLC lifted its stake in DCP Midstream by 4.9% in the second quarter. Eagle Global Advisors LLC now owns 2,421,827 shares of the pipeline company’s stock worth $95,783,000 after purchasing an additional 112,929 shares during the last quarter. Bank of America Corp DE lifted its stake in DCP Midstream by 7.5% in the second quarter. Bank of America Corp DE now owns 2,006,274 shares of the pipeline company’s stock worth $79,348,000 after purchasing an additional 140,184 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in DCP Midstream in the second quarter worth $52,925,000. Finally, Global X Management Co LLC raised its stake in shares of DCP Midstream by 10.6% during the second quarter. Global X Management Co LLC now owns 1,140,742 shares of the pipeline company’s stock valued at $45,116,000 after acquiring an additional 109,664 shares during the last quarter. 55.43% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE DCP opened at $35.45 on Friday. DCP Midstream LP has a 1 year low of $32.58 and a 1 year high of $46.67. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 0.65. The stock has a market cap of $5.30 billion, a P/E ratio of 66.89 and a beta of 2.27.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Friday, November 2nd were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 8.80%. The ex-dividend date was Thursday, November 1st. DCP Midstream’s dividend payout ratio is currently 588.68%.
Several brokerages have recently commented on DCP. Citigroup upped their price objective on shares of DCP Midstream from $44.00 to $46.00 and gave the company a “neutral” rating in a research note on Wednesday, August 8th. Bank of America lowered their price objective on shares of DCP Midstream from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, October 1st. Stifel Nicolaus raised shares of DCP Midstream from a “hold” rating to a “buy” rating and upped their price objective for the company from $42.00 to $51.00 in a research note on Monday, August 13th. Zacks Investment Research downgraded shares of DCP Midstream from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, ValuEngine raised shares of DCP Midstream from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. DCP Midstream currently has a consensus rating of “Hold” and a consensus price target of $45.55.
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.
Further Reading: Cost of Equity For A Business, Investors
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