DCP Midstream (NYSE:DCP) Shares Gap Up to $27.84
Shares of DCP Midstream LP (NYSE:DCP) gapped up prior to trading on Tuesday . The stock had previously closed at $28.58, but opened at $27.84. DCP Midstream shares last traded at $27.93, with a volume of 55,392 shares.
Several brokerages have recently issued reports on DCP. Citigroup decreased their price objective on DCP Midstream from $34.00 to $31.00 and set a “neutral” rating on the stock in a report on Monday, September 9th. Barclays set a $34.00 price objective on DCP Midstream and gave the company a “hold” rating in a research report on Wednesday, May 22nd. ValuEngine downgraded DCP Midstream from a “hold” rating to a “sell” rating in a research report on Wednesday, June 19th. Credit Suisse Group dropped their price target on DCP Midstream from $39.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Finally, Royal Bank of Canada set a $26.00 price objective on DCP Midstream and gave the company a “hold” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $35.50.
The company has a 50 day moving average of $25.61 and a 200 day moving average of $29.84. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 10.10 and a beta of 2.12. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.43 and a current ratio of 0.46.
In other news, Director Fred J. Fowler purchased 6,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $24.72 per share, for a total transaction of $148,320.00. Following the acquisition, the director now directly owns 32,800 shares in the company, valued at approximately $810,816. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.04% of the company’s stock.
Several hedge funds have recently bought and sold shares of DCP. Invesco Ltd. raised its position in DCP Midstream by 47,629.8% in the second quarter. Invesco Ltd. now owns 8,656,745 shares of the pipeline company’s stock valued at $253,643,000 after purchasing an additional 8,638,608 shares during the period. Tortoise Capital Advisors L.L.C. boosted its stake in DCP Midstream by 32.9% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 5,386,989 shares of the pipeline company’s stock valued at $157,839,000 after acquiring an additional 1,332,625 shares during the period. OppenheimerFunds Inc. boosted its stake in DCP Midstream by 17.0% in the first quarter. OppenheimerFunds Inc. now owns 5,679,044 shares of the pipeline company’s stock valued at $187,692,000 after acquiring an additional 826,841 shares during the period. Morgan Stanley boosted its stake in DCP Midstream by 75.2% in the second quarter. Morgan Stanley now owns 1,269,435 shares of the pipeline company’s stock valued at $37,195,000 after acquiring an additional 544,790 shares during the period. Finally, Bank of Montreal Can raised its holdings in shares of DCP Midstream by 107.7% during the second quarter. Bank of Montreal Can now owns 709,988 shares of the pipeline company’s stock valued at $20,803,000 after buying an additional 368,085 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.
About DCP Midstream (NYSE:DCP)
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, Logistics and Marketing, and Gathering and Processing. The Logistics and Marketing segment engages in transporting, trading, marketing, and storing natural gas and natural gas liquids (NGLs); fractionating NGLs; and wholesale propane logistics.
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