DCP Midstream, LP (NYSE:DCP) announced a quarterly dividend on Tuesday, October 12th, Zacks reports. Stockholders of record on Friday, October 29th will be given a dividend of 0.39 per share by the pipeline company on Friday, November 12th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date is Thursday, October 28th.
DCP Midstream has decreased its dividend by 37.5% over the last three years and has raised its dividend annually for the last 1 consecutive years. DCP Midstream has a payout ratio of 101.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect DCP Midstream to earn $2.91 per share next year, which means the company should continue to be able to cover its $1.95 annual dividend with an expected future payout ratio of 67.0%.
DCP stock opened at $32.20 on Thursday. The stock has a market capitalization of $6.71 billion, a P/E ratio of 41.82 and a beta of 3.58. The firm has a 50-day simple moving average of $27.79 and a 200-day simple moving average of $26.86. The company has a quick ratio of 0.81, a current ratio of 0.84 and a debt-to-equity ratio of 1.09. DCP Midstream has a 52 week low of $11.62 and a 52 week high of $32.30.
Several equities analysts have weighed in on DCP shares. Barclays boosted their target price on shares of DCP Midstream from $27.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, June 17th. Credit Suisse Group boosted their price target on shares of DCP Midstream from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, August 11th. Mizuho boosted their price target on shares of DCP Midstream from $28.00 to $31.00 and gave the company a “neutral” rating in a research note on Monday, August 9th. Finally, Wells Fargo & Company raised shares of DCP Midstream from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $29.00 to $32.00 in a research note on Monday, August 9th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, DCP Midstream currently has an average rating of “Buy” and an average price target of $29.60.
A hedge fund recently raised its stake in DCP Midstream stock. Morgan Stanley increased its holdings in shares of DCP Midstream, LP (NYSE:DCP) by 4.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,847,587 shares of the pipeline company’s stock after purchasing an additional 70,316 shares during the period. Morgan Stanley owned 0.89% of DCP Midstream worth $56,703,000 as of its most recent SEC filing. Institutional investors own 32.06% of the company’s stock.
About DCP Midstream
DCP Midstream LP engages in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas. It operates through the following segments: Logistics and Marketing and Gathering and Processing. The Logistics and Marketing segment includes transporting, trading, marketing and storing natural gas and NGLs and fractionating NGLs.
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