MetLife Investment Advisors LLC purchased a new position in shares of DCP Midstream LP (NYSE:DCP) in the third quarter, Holdings Channel reports. The institutional investor purchased 178,796 shares of the pipeline company’s stock, valued at approximately $7,079,000.
Other hedge funds have also modified their holdings of the company. Tortoise Index Solutions LLC increased its position in shares of DCP Midstream by 14.4% during the third quarter. Tortoise Index Solutions LLC now owns 15,641 shares of the pipeline company’s stock valued at $619,000 after purchasing an additional 1,966 shares during the period. Moody Aldrich Partners LLC bought a new stake in shares of DCP Midstream during the second quarter valued at approximately $90,134,000. Bank of New York Mellon Corp increased its position in shares of DCP Midstream by 24.7% during the third quarter. Bank of New York Mellon Corp now owns 16,810 shares of the pipeline company’s stock valued at $665,000 after purchasing an additional 3,331 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of DCP Midstream by 19.0% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 25,000 shares of the pipeline company’s stock valued at $990,000 after purchasing an additional 4,000 shares during the period. Finally, Ferris Capital LLC increased its position in shares of DCP Midstream by 190.2% during the second quarter. Ferris Capital LLC now owns 6,222 shares of the pipeline company’s stock valued at $246,000 after purchasing an additional 4,078 shares during the period. Institutional investors own 55.03% of the company’s stock.
DCP has been the topic of a number of research reports. ValuEngine cut DCP Midstream from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Wells Fargo & Co lowered their price objective on DCP Midstream from $44.00 to $40.00 and set a “market perform” rating on the stock in a research report on Monday, September 24th. Bank of America lowered their price objective on DCP Midstream from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, October 1st. Credit Suisse Group initiated coverage on DCP Midstream in a research report on Thursday, October 11th. They set an “outperform” rating and a $57.00 price objective on the stock. Finally, Barclays set a $41.00 price objective on DCP Midstream and gave the company a “sell” rating in a research report on Friday, October 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $43.73.
DCP Midstream (NYSE:DCP) last announced its quarterly earnings results on Monday, November 5th. The pipeline company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.23). DCP Midstream had a net margin of 2.76% and a return on equity of 4.18%. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter last year, the company earned ($0.41) earnings per share. The business’s revenue was up 34.3% on a year-over-year basis. As a group, research analysts predict that DCP Midstream LP will post 0.69 EPS for the current fiscal year.
DCP Midstream 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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