DCP Midstream, LP (NYSE:DCP – Get Rating) was the recipient of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 4,650,000 shares, a decline of 8.3% from the August 31st total of 5,070,000 shares. Approximately 5.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 779,000 shares, the days-to-cover ratio is presently 6.0 days.
DCP Midstream Price Performance
Shares of NYSE DCP traded up $0.19 during trading hours on Monday, hitting $37.76. 540,484 shares of the stock were exchanged, compared to its average volume of 690,502. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.87 and a current ratio of 0.91. The company has a market cap of $7.87 billion, a PE ratio of 10.18 and a beta of 2.52. The company's fifty day simple moving average is $36.65 and its two-hundred day simple moving average is $34.44. DCP Midstream has a 1-year low of $23.58 and a 1-year high of $39.54.
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DCP Midstream (NYSE:DCP – Get Rating) last issued its earnings results on Tuesday, August 2nd. The pipeline company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.14 by $0.63. DCP Midstream had a net margin of 5.97% and a return on equity of 16.34%. The firm had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.49 billion. On average, sell-side analysts predict that DCP Midstream will post 3.63 EPS for the current year.
DCP Midstream Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were issued 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 dividend yield of 4.56%. DCP Midstream's dividend payout ratio (DPR) is presently 46.36%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the company. Royal Bank of Canada lowered DCP Midstream from an "outperform" rating to a "sector perform" rating and lowered their price objective for the company from $41.00 to $38.00 in a report on Thursday, August 18th. StockNews.com upgraded DCP Midstream from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, September 28th. Mizuho lifted their price objective on DCP Midstream from $44.00 to $45.00 and gave the company a "buy" rating in a research report on Thursday, August 4th. Finally, Barclays lifted their price objective on shares of DCP Midstream from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 16th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, 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 DCP Midstream stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $39.23, for a total value of $107,882.50. Following the transaction, the director now owns 2,750 shares in the company, valued at $107,882.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.10% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On DCP Midstream
A number of hedge funds have recently bought and sold shares of DCP. Tcwp LLC purchased a new position in DCP Midstream during the first quarter worth about $25,000. Farmers & Merchants Investments Inc. bought a new position in shares of DCP Midstream in the first quarter worth approximately $30,000. SeaCrest Wealth Management LLC bought a new position in shares of DCP Midstream in the second quarter worth approximately $44,000. Loomis Sayles & Co. L P bought a new position in shares of DCP Midstream in the first quarter worth approximately $48,000. Finally, Prospera Financial Services Inc bought a new position in shares of DCP Midstream in the first quarter worth approximately $92,000. Institutional investors own 35.49% of the company's stock.
About DCP Midstream
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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.
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