Morgan Stanley increased its holdings in shares of DCP Midstream LP (NYSE:DCP) by 202.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,200,840 shares of the pipeline company’s stock after buying an additional 3,480,844 shares during the period. Morgan Stanley’s holdings in DCP Midstream were worth $21,167,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Rafferty Asset Management LLC increased its holdings in DCP Midstream by 8.4% in the first quarter. Rafferty Asset Management LLC now owns 111,879 shares of the pipeline company’s stock valued at $455,000 after purchasing an additional 8,625 shares during the period. FDx Advisors Inc. acquired a new position in DCP Midstream during the 1st quarter worth about $2,691,000. Parametric Portfolio Associates LLC grew its position in shares of DCP Midstream by 61.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 463,846 shares of the pipeline company’s stock valued at $1,888,000 after buying an additional 176,255 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of DCP Midstream in the first quarter valued at about $47,000. Finally, IHT Wealth Management LLC acquired a new stake in shares of DCP Midstream in the first quarter valued at about $52,000. 29.71% of the stock is currently owned by hedge funds and other institutional investors.
DCP has been the subject of a number of recent analyst reports. Credit Suisse Group increased their target price on shares of DCP Midstream from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Jefferies Financial Group cut shares of DCP Midstream from a “buy” rating to a “hold” rating and increased their price objective for the stock from $10.00 to $13.50 in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. downgraded shares of DCP Midstream from a “neutral” rating to an “underweight” rating in a research note on Tuesday, March 24th. Stifel Nicolaus cut shares of DCP Midstream from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $11.00 in a research report on Thursday, March 12th. Finally, Wells Fargo & Co lowered their price objective on DCP Midstream from $9.00 to $8.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 14th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $15.12.
DCP Midstream (NYSE:DCP) last posted its quarterly earnings results on Wednesday, May 6th. The pipeline company reported ($2.71) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($3.13). DCP Midstream had a negative net margin of 8.58% and a positive return on equity of 6.70%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $2.33 billion. During the same period in the previous year, the business posted $0.14 EPS. The business’s revenue for the quarter was down 24.6% compared to the same quarter last year. On average, equities analysts forecast that DCP Midstream LP will post 1.23 earnings per share for the current fiscal year.
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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