BP Midstream Partners (NYSE:BPMP) Rating Increased to Buy at Zacks Investment Research

BP Midstream Partners (NYSE:BPMP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The firm presently has a $17.00 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.48% from the stock’s previous close.

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. “

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. upgraded shares of BP Midstream Partners from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $14.00 to $16.00 in a research note on Tuesday, April 27th. Mizuho lifted their target price on BP Midstream Partners from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, May 10th. Finally, Morgan Stanley increased their price target on shares of BP Midstream Partners from $14.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 26th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $15.40.

BP Midstream Partners stock traded up $0.09 during midday trading on Thursday, hitting $14.85. 203,217 shares of the company’s stock were exchanged, compared to its average volume of 423,459. The company has a current ratio of 15.97, a quick ratio of 15.97 and a debt-to-equity ratio of 1.81. The firm has a market cap of $1.56 billion, a P/E ratio of 9.52, a PEG ratio of 0.98 and a beta of 1.27. The business’s 50-day moving average price is $13.53. BP Midstream Partners has a 12 month low of $9.30 and a 12 month high of $14.99.

Several hedge funds and other institutional investors have recently bought and sold shares of BPMP. Tortoise Capital Advisors L.L.C. increased its holdings in shares of BP Midstream Partners by 14,581.8% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 5,029,998 shares of the company’s stock valued at $63,680,000 after purchasing an additional 4,995,738 shares during the period. Morgan Stanley lifted its stake in BP Midstream Partners by 9.6% during the 4th quarter. Morgan Stanley now owns 3,781,235 shares of the company’s stock valued at $40,081,000 after acquiring an additional 332,657 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of BP Midstream Partners by 23.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,464,422 shares of the company’s stock worth $43,860,000 after acquiring an additional 659,626 shares during the period. Citigroup Inc. raised its holdings in shares of BP Midstream Partners by 6.9% during the fourth quarter. Citigroup Inc. now owns 2,308,304 shares of the company’s stock worth $24,468,000 after purchasing an additional 148,463 shares during the last quarter. Finally, Infrastructure Capital Advisors LLC boosted its holdings in BP Midstream Partners by 15.3% in the fourth quarter. Infrastructure Capital Advisors LLC now owns 1,278,077 shares of the company’s stock valued at $13,548,000 after purchasing an additional 169,294 shares during the last quarter. 30.94% of the stock is owned by institutional investors and hedge funds.

About BP Midstream Partners

BP Midstream Partners LP owns, acquires, develops, and operates pipelines and other midstream assets in the United States. Its assets consist of interests in entities that own crude oil, natural gas, refined products, and diluent pipelines as well as refined product terminals. BP Midstream Partners GP LLC serves as a general partner of BP Midstream Partners LP.

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