Oppenheimer Asset Management Inc. cut its stake in BP Midstream Partners LP (NYSE:BPMP) by 31.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,547 shares of the company’s stock after selling 4,944 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in BP Midstream Partners were worth $163,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Albert D Mason Inc. lifted its position in BP Midstream Partners by 1.3% in the second quarter. Albert D Mason Inc. now owns 53,240 shares of the company’s stock worth $824,000 after buying an additional 670 shares during the last quarter. Moors & Cabot Inc. increased its stake in BP Midstream Partners by 10.6% in the first quarter. Moors & Cabot Inc. now owns 16,700 shares of the company’s stock worth $238,000 after purchasing an additional 1,600 shares during the period. Alps Advisors Inc. increased its stake in BP Midstream Partners by 20.4% in the first quarter. Alps Advisors Inc. now owns 12,543 shares of the company’s stock worth $181,000 after purchasing an additional 2,125 shares during the period. Icon Wealth Partners LLC purchased a new stake in BP Midstream Partners in the first quarter worth $39,000. Finally, BNP Paribas Arbitrage SA increased its stake in BP Midstream Partners by 188.1% in the second quarter. BNP Paribas Arbitrage SA now owns 16,378 shares of the company’s stock worth $254,000 after purchasing an additional 10,693 shares during the period. Institutional investors own 43.90% of the company’s stock.
A number of analysts have weighed in on BPMP shares. Zacks Investment Research upgraded BP Midstream Partners from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research note on Monday, August 12th. Mizuho started coverage on BP Midstream Partners in a research note on Wednesday, June 5th. They issued a “buy” rating and a $19.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered BP Midstream Partners from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $19.00 to $17.00 in a research note on Tuesday, August 20th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. BP Midstream Partners presently has a consensus rating of “Hold” and an average target price of $18.50.
BP Midstream Partners (NYSE:BPMP) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.34 by $0.02. The firm had revenue of $28.60 million for the quarter, compared to analyst estimates of $31.41 million. BP Midstream Partners had a return on equity of 47.91% and a net margin of 122.39%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 earnings per share. As a group, analysts forecast that BP Midstream Partners LP will post 1.44 EPS for the current fiscal year.
About BP Midstream Partners
BP Midstream Partners LP owns, acquires, develops, and operates pipelines and other midstream assets in the United States. It owns an onshore crude oil pipeline system, onshore refined products pipeline system, onshore diluent pipeline system, refined product terminalling system, and offshore natural gas pipeline system, as well as interests in five offshore crude oil pipeline systems.
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