DCP Midstream LP (NYSE:DCP) saw a large increase in short interest in July. As of July 31st, there was short interest totalling 7,300,600 shares, an increase of 15.4% from the June 30th total of 6,325,700 shares. Based on an average daily volume of 633,800 shares, the days-to-cover ratio is currently 11.5 days. Approximately 8.1% of the shares of the stock are sold short.
In related news, Director Fred J. Fowler bought 6,000 shares of DCP Midstream stock in a transaction dated Friday, August 9th. The shares were bought at an average cost of $24.72 per share, with a total value of $148,320.00. Following the acquisition, the director now owns 32,800 shares in the company, valued at approximately $810,816. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.04% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Green Square Asset Management LLC purchased a new position in shares of DCP Midstream in the 2nd quarter worth about $293,000. Jane Street Group LLC boosted its holdings in shares of DCP Midstream by 101.7% in the 2nd quarter. Jane Street Group LLC now owns 31,783 shares of the pipeline company’s stock worth $931,000 after purchasing an additional 16,025 shares in the last quarter. Tortoise Capital Advisors L.L.C. boosted its holdings in shares of DCP Midstream by 32.9% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 5,386,989 shares of the pipeline company’s stock worth $157,839,000 after purchasing an additional 1,332,625 shares in the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of DCP Midstream by 9.8% in the 2nd quarter. Westwood Holdings Group Inc. now owns 139,015 shares of the pipeline company’s stock worth $4,073,000 after purchasing an additional 12,432 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in shares of DCP Midstream by 75.2% in the 2nd quarter. Morgan Stanley now owns 1,269,435 shares of the pipeline company’s stock worth $37,195,000 after purchasing an additional 544,790 shares in the last quarter. Institutional investors own 57.20% of the company’s stock.
DCP Midstream (NYSE:DCP) last issued its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.17. DCP Midstream had a return on equity of 7.72% and a net margin of 3.94%. The company had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the company earned $0.07 earnings per share. Equities research analysts predict that DCP Midstream will post 1.24 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 2nd were given a dividend of $0.78 per share. The ex-dividend date was Thursday, August 1st. This represents a $3.12 dividend on an annualized basis and a dividend yield of 12.78%. DCP Midstream’s dividend payout ratio (DPR) is 202.60%.
Several research firms recently weighed in on DCP. Barclays set a $34.00 price objective on DCP Midstream and gave the company a “hold” rating in a research note on Wednesday, May 22nd. ValuEngine downgraded DCP Midstream from a “hold” rating to a “sell” rating in a research report on Wednesday, June 19th. Citigroup set a $31.00 target price on DCP Midstream and gave the company a “hold” rating in a research report on Friday, July 19th. Credit Suisse Group dropped their target price on DCP Midstream from $39.00 to $32.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Royal Bank of Canada set a $26.00 target price on DCP Midstream and gave the company a “hold” rating in a research report on Friday, August 9th. Two equities 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 company presently has a consensus rating of “Hold” and an average target price of $35.50.
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, 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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