Cohen & Steers Inc. boosted its holdings in shares of DCP Midstream, LP (NYSE:DCP – Get Rating) by 6.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,514 shares of the pipeline company's stock after buying an additional 4,657 shares during the period. Cohen & Steers Inc.'s holdings in DCP Midstream were worth $2,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Tcwp LLC acquired a new position in DCP Midstream during the 1st quarter valued at about $25,000. Farmers & Merchants Investments Inc. acquired a new position in shares of DCP Midstream in the first quarter valued at about $30,000. UMB Bank N A MO acquired a new position in shares of DCP Midstream in the fourth quarter valued at about $30,000. Loomis Sayles & Co. L P acquired a new position in shares of DCP Midstream in the first quarter valued at about $48,000. Finally, Prospera Financial Services Inc acquired a new position in shares of DCP Midstream in the first quarter valued at about $92,000. 35.49% of the stock is owned by institutional investors and hedge funds.
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Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on DCP. StockNews.com lowered DCP Midstream from a "strong-buy" rating to a "buy" rating in a report on Friday, August 19th. Royal Bank of Canada lowered DCP Midstream from an "outperform" rating to a "sector perform" rating and cut their price objective for the company from $41.00 to $38.00 in a report on Thursday, August 18th. Barclays raised their target price on DCP Midstream from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Tuesday, August 16th. Finally, Mizuho raised their target price on DCP Midstream from $44.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, August 4th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $38.88.
Insiders Place Their Bets
In other DCP Midstream news, Director Clifford Todd Denton sold 2,750 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $39.23, for a total transaction of $107,882.50. Following the transaction, the director now owns 2,750 shares in the company, valued at $107,882.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.10% of the stock is currently owned by company insiders.
DCP Midstream Stock Performance
Shares of DCP stock opened at $38.59 on Monday. The company has a market capitalization of $8.04 billion, a P/E ratio of 10.40 and a beta of 2.75. The business's 50 day moving average is $34.26 and its two-hundred day moving average is $33.88. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.86. DCP Midstream, LP has a 12-month low of $23.58 and a 12-month high of $39.54.
DCP Midstream Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, July 29th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, July 28th. This represents a $1.72 dividend on an annualized basis and a yield of 4.46%. DCP Midstream's dividend payout ratio is currently 46.36%.
DCP Midstream Company Profile
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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 through 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); and fractionating NGLs.
Further Reading
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