State of New Jersey Common Pension Fund D grew its holdings in shares of DCP Midstream LP (NYSE:DCP) by 50.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 223,400 shares of the pipeline company’s stock after purchasing an additional 75,000 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.16% of DCP Midstream worth $5,918,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in DCP. Russell Investments Group Ltd. purchased a new stake in shares of DCP Midstream during the 2nd quarter worth $174,000. Advisors Asset Management Inc. bought a new position in shares of DCP Midstream during the 2nd quarter valued at $212,000. GAM Holding AG bought a new position in shares of DCP Midstream during the 3rd quarter worth about $331,000. Lavaca Capital LLC acquired a new stake in shares of DCP Midstream during the 4th quarter worth approximately $230,000. Finally, US Bancorp DE lifted its holdings in shares of DCP Midstream by 176.9% in the third quarter. US Bancorp DE now owns 10,374 shares of the pipeline company’s stock worth $411,000 after acquiring an additional 6,627 shares during the last quarter. 56.27% of the stock is currently owned by institutional investors and hedge funds.
DCP opened at $31.90 on Thursday. DCP Midstream LP has a one year low of $24.18 and a one 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 firm has a market capitalization of $4.42 billion, a PE ratio of 60.19 and a beta of 2.45.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Monday, February 4th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 9.78%. The ex-dividend date is Friday, February 1st. DCP Midstream’s dividend payout ratio (DPR) is presently 588.68%.
In other DCP Midstream news, Director Fred J. Fowler acquired 2,500 shares of DCP Midstream stock in a transaction on Friday, December 28th. The shares were purchased at an average cost of $26.10 per share, with a total value of $65,250.00. Following the completion of the purchase, the director now owns 26,800 shares in the company, valued at $699,480. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.04% of the stock is owned by corporate insiders.
DCP has been the topic of several analyst reports. Evercore ISI initiated coverage on DCP Midstream in a report on Tuesday, February 5th. They issued a $34.00 target price on the stock. Zacks Investment Research lowered shares of DCP Midstream from a “hold” rating to a “strong sell” rating in a research note on Friday, January 11th. Jefferies Financial Group lowered shares of DCP Midstream from a “buy” rating to a “hold” rating in a research report on Monday, January 28th. Bank of America set a $46.00 price target on DCP Midstream and gave the company a “buy” rating in a research note on Wednesday, November 7th. Finally, Barclays upgraded DCP Midstream from an “underweight” rating to an “equal weight” rating and reduced their price target for the company from $41.00 to $33.00 in a report on Wednesday, January 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $41.17.
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DCP Midstream Company 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.
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