Zacks Investment Research downgraded shares of BP Midstream Partners (NYSE:BPMP) from a buy rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “BP Midstream Partners LP is a master limited partnership. It owns, acquires, operates and develops pipelines and other midstream assets. The Company provides crude oil, natural gas and refined products. It offers an onshore crude oil, refined, and diluent pipeline systems. BP Midstream Partners LP is based in Houston, Texas. “
A number of other equities analysts also recently issued reports on BPMP. ValuEngine upgraded BP Midstream Partners from a sell rating to a hold rating in a research report on Tuesday, October 9th. Mitsubishi UFJ Financial Group upgraded BP Midstream Partners from a neutral rating to an overweight rating and increased their price target for the stock from $23.00 to $25.00 in a research report on Friday, August 10th. Credit Suisse Group began coverage on BP Midstream Partners in a research report on Thursday, October 11th. They set an underperform rating and a $18.00 price target on the stock. Bank of America lowered their price target on BP Midstream Partners from $22.00 to $21.00 and set a neutral rating on the stock in a research report on Friday, October 5th. Finally, Barclays lowered their price target on BP Midstream Partners from $22.00 to $21.00 and set an equal weight rating on the stock in a research report on Friday, October 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. BP Midstream Partners presently has a consensus rating of Hold and an average price target of $21.90.
BP Midstream Partners (NYSE:BPMP) last issued its quarterly earnings results on Thursday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The company had revenue of $28.94 million for the quarter, compared to the consensus estimate of $27.40 million. BP Midstream Partners had a return on equity of 20.65% and a net margin of 85.62%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that BP Midstream Partners will post 1.24 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be given a $0.292 dividend. This represents a $1.17 annualized dividend and a dividend yield of 6.34%. The ex-dividend date is Wednesday, October 31st. This is an increase from BP Midstream Partners’s previous quarterly dividend of $0.27. BP Midstream Partners’s dividend payout ratio (DPR) is 519.05%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BPMP. BlackRock Inc. lifted its position in shares of BP Midstream Partners by 0.6% in the first quarter. BlackRock Inc. now owns 754,632 shares of the company’s stock valued at $13,463,000 after acquiring an additional 4,632 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of BP Midstream Partners by 50.8% in the first quarter. JPMorgan Chase & Co. now owns 82,074 shares of the company’s stock valued at $1,464,000 after purchasing an additional 27,643 shares during the last quarter. Spirit of America Management Corp NY acquired a new stake in shares of BP Midstream Partners in the second quarter valued at approximately $957,000. Bank of Montreal Can acquired a new stake in shares of BP Midstream Partners in the second quarter valued at approximately $1,639,000. Finally, Baldwin Brothers Inc. MA acquired a new stake in shares of BP Midstream Partners in the second quarter valued at approximately $162,000. Institutional investors and hedge funds own 51.26% of the company’s stock.
About BP Midstream Partners
BP Midstream Partners LP owns, acquires, operates, and develops pipelines and other midstream assets. It owns an onshore crude oil pipeline system, onshore refined products pipeline system, onshore diluent pipeline system, and offshore natural gas pipeline system, as well as interests in four offshore crude oil pipeline systems located in the United States.
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