First Republic Investment Management Inc. trimmed its position in shares of DCP Midstream LP (NYSE:DCP) by 4.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,594 shares of the pipeline company’s stock after selling 551 shares during the quarter. First Republic Investment Management Inc.’s holdings in DCP Midstream were worth $383,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in DCP. Albert D Mason Inc. increased its position in DCP Midstream by 0.8% in the 1st quarter. Albert D Mason Inc. now owns 43,149 shares of the pipeline company’s stock valued at $1,426,000 after acquiring an additional 330 shares during the period. Heronetta Management L.P. increased its position in shares of DCP Midstream by 13.6% during the first quarter. Heronetta Management L.P. now owns 150,800 shares of the pipeline company’s stock worth $4,984,000 after buying an additional 18,000 shares during the period. Securian Asset Management Inc acquired a new stake in DCP Midstream in the first quarter worth $2,219,000. BNP Paribas Arbitrage SA acquired a new stake in DCP Midstream in the first quarter worth $1,873,000. Finally, Avalon Advisors LLC grew its holdings in DCP Midstream by 3.0% in the first quarter. Avalon Advisors LLC now owns 28,778 shares of the pipeline company’s stock worth $951,000 after purchasing an additional 849 shares during the period. 55.73% of the stock is currently owned by institutional investors.
A number of equities research analysts have commented on DCP shares. Jefferies Financial Group cut shares of DCP Midstream from a “buy” rating to a “hold” rating in a report on Monday, January 28th. Evercore ISI started coverage on shares of DCP Midstream in a report on Tuesday, February 5th. They issued a $34.00 price target for the company. Raymond James set a $35.00 price target on shares of DCP Midstream and gave the stock a “buy” rating in a report on Thursday, February 14th. Zacks Investment Research upgraded shares of DCP Midstream from a “strong sell” rating to a “hold” rating in a report on Thursday, February 14th. Finally, Mizuho started coverage on shares of DCP Midstream in a report on Thursday, March 21st. They issued a “buy” rating and a $36.00 price target for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $40.64.
DCP Midstream (NYSE:DCP) last released its quarterly earnings data on Monday, May 6th. The pipeline company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.19). DCP Midstream had a net margin of 3.15% and a return on equity of 6.75%. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the business posted $0.08 earnings per share. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. Equities research analysts predict that DCP Midstream LP will post 1.5 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Friday, May 3rd were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 9.40%. The ex-dividend date of this dividend was Thursday, May 2nd. DCP Midstream’s dividend payout ratio (DPR) is 202.60%.
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About DCP Midstream
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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