Summit Financial LLC Boosts Position in DCP Midstream LP (NYSE:DCP)

Summit Financial LLC lifted its stake in shares of DCP Midstream LP (NYSE:DCP) by 13.0% during the 2nd quarter, Holdings Channel reports. The fund owned 22,179 shares of the pipeline company’s stock after buying an additional 2,545 shares during the quarter. Summit Financial LLC’s holdings in DCP Midstream were worth $650,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of DCP. Albert D Mason Inc. increased its position in shares of DCP Midstream by 0.8% during the 1st quarter. Albert D Mason Inc. now owns 43,149 shares of the pipeline company’s stock worth $1,426,000 after purchasing an additional 330 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of DCP Midstream by 1.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 19,100 shares of the pipeline company’s stock worth $560,000 after purchasing an additional 360 shares during the last quarter. Northern Trust Corp increased its position in shares of DCP Midstream by 0.5% during the 4th quarter. Northern Trust Corp now owns 75,530 shares of the pipeline company’s stock worth $2,001,000 after purchasing an additional 374 shares during the last quarter. Wambolt & Associates LLC increased its position in shares of DCP Midstream by 1.6% during the 2nd quarter. Wambolt & Associates LLC now owns 44,818 shares of the pipeline company’s stock worth $1,313,000 after purchasing an additional 700 shares during the last quarter. Finally, Conning Inc. increased its position in shares of DCP Midstream by 1.1% during the 1st quarter. Conning Inc. now owns 65,154 shares of the pipeline company’s stock worth $2,153,000 after purchasing an additional 722 shares during the last quarter. Institutional investors and hedge funds own 57.20% of the company’s stock.

In other news, Director Fred J. Fowler bought 6,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was bought at an average cost of $24.72 per share, with a total value of $148,320.00. Following the transaction, the director now directly owns 32,800 shares in the company, valued at approximately $810,816. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.04% of the company’s stock.



DCP has been the subject of a number of recent analyst reports. Credit Suisse Group cut their price objective on DCP Midstream from $39.00 to $32.00 and set an “outperform” rating for the company in a research report on Wednesday. Royal Bank of Canada set a $26.00 price objective on DCP Midstream and gave the stock a “hold” rating in a research report on Friday, August 9th. Barclays set a $34.00 price objective on DCP Midstream and gave the stock a “hold” rating in a research report on Wednesday, May 22nd. ValuEngine downgraded DCP Midstream from a “hold” rating to a “sell” rating in a research report on Wednesday, June 19th. Finally, Citigroup set a $31.00 price objective on DCP Midstream and gave the stock a “hold” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. DCP Midstream presently has an average rating of “Hold” and an average target price of $35.50.

NYSE DCP traded down $0.28 during trading on Thursday, hitting $24.29. The stock had a trading volume of 19,759 shares, compared to its average volume of 820,770. The company has a market capitalization of $3.47 billion, a P/E ratio of 15.78, a PEG ratio of 10.04 and a beta of 2.08. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.46 and a quick ratio of 0.43. The business’s 50 day moving average is $28.95. DCP Midstream LP has a twelve month low of $24.09 and a twelve month high of $43.99.

DCP Midstream (NYSE:DCP) last released its earnings results on Tuesday, August 6th. The pipeline company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.17. The company had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.53 billion. DCP Midstream had a return on equity of 7.72% and a net margin of 3.94%. During the same period in the previous year, the company posted $0.07 EPS. On average, equities research analysts forecast that DCP Midstream LP will post 1.24 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Friday, August 2nd were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 12.84%. The ex-dividend date was Thursday, August 1st. DCP Midstream’s dividend payout ratio is currently 202.60%.

About DCP Midstream

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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Institutional Ownership by Quarter for DCP Midstream (NYSE:DCP)

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